That represents more than 26 percent of all IMF lending, which totals $85.3 billion. Since the money there is fungible, that means the U.S. has more than a 26 percent stake in every loan that the IMF undertakes — including more than 26 percent of all losses booked by the institution.
So that missed $1.7 billion payment? That amounts to a $452 million potential loss for the U.S. Treasury. To pay us back, the IMF will have to draw assets from elsewhere, for example, by selling gold.
What if Greece were to default on all of its $23.6 billion debt to the IMF? Then the tab rises to $6.27 billion of U.S. funds at risk.
All of which leads Americans for Limited Government President Rick Manning to call on Congress to get U.S. funds out of the IMF.
“Not one more penny should go to bailing out European socialist governments and the banks that lent them the money. Congress should prohibit the use of any funds created by the $100 billion New Arrangements to Borrow credit line, a 2009 expansion initiated by the Obama administration from being used for any purpose. In addition, it is the duty of Congress to prohibit the use of quota funds to cover any obligations owed by Greece to the IMF,” Manning said in a statement.