WASHINGTON   –  U.S. Rep. Jo Ann Emerson (MO-08) today said that the use of U.S. contributions to the International Monetary Fund is a disservice to U.S. taxpayers.

“The last thing we should be doing is adding to U.S. debt in order to bail out another country,” Emerson said.  “The loan guarantees for Greece expose the U.S. taxpayer to $7 billion of risk, and we could end up backing $50 billion in additional loan guarantees for other European nations in financial trouble.  I’d trust an American business to stand by its obligations, but I don’t feel so confident about foreign nations with no duty to the American taxpayers.”

The International Monetary Fund has pledged $40 billion in financial support to Greece, but the European Union is also discussing a $1 trillion package for other European nations facing financial distress.

“The main purpose behind the European Union is to compete with the United States, and I don’t see why we should come to the rescue of an economic rival.  I don’t want to see these countries fail, but I also don’t want to save them at the expense of our grandchildren’s future.  This is a risk American taxpayers should not be asked to bear,” Emerson said.