How does the IMF work?

[Wiseacre]

I've tried to find out on the web, no luck so far. I believe that approx 17% or 18% of the IMF's money comes from us. If they decide to bail out some country(s), does the US have a veto? Or can they do it without our consent? Gonna be some po'ed Americans if our tax dollars go to bailouts in Europe.

 

[EdwardBaiamonte]

I've tried to find out on the web, no luck so far. I believe that approx 17% or 18% of the IMF's money comes from us. If they decide to bail out some country(s), does the US have a veto? Or can they do it without our consent? Gonna be some po'ed Americans if our tax dollars go to bailouts in Europe.

We bailed out our banks, got paid back, and thus prevented a Depression!

If we bail out Europe with a fish rather than a fishing rod people will be upset. Republicans would do the right thing and Democrats as always can be counted on for the opposite.

The history of the WB and IMF is to encourage Republican capitalism and fiscal responsibility as a pre condition for a loan, but then lack the courage to enforce their own philosophy. They are, in effect, a bank without the courage to foreclose.