Don't let the President fool you with his "the International Monetary Fund (IMF) would be bailing out Greece, not the U.S." rhetoric. The IMF is made up of nearly 200 countries, but the U.S. supplies the organization with roughly 17% of its funding. Japan provides the second most funding at about 6%. And in addition to the huge discrepancy in funding, just last year President Obama convinced Congress to award the IMF an extra $100 billion to use as it pleases.
Long story short - if the IMF decides to bail out Greece the monetary burden will fall mainly upon the United States.
related: National Bank of Greece (ADR) (Public, NYSE:NBG), SPDR S&P 500 ETF (Public, NYSE:SPY)
Peter Schiff`s comments on the economy, stock markets, politics and gold. Schiff is the renowned writer of the bestseller Crash Proof: How to Profit from the Coming Economic Collapse.
