George Osborne has committed a further £9.3 billion to the International Monetary Fund (IMF) taking Britain’s exposure up to £40 billion. The announcement was met with huge opposition from Conservative backbenchers who find it amazing that Britain continues to fund the bailout of Eurozone nations despite David Cameron’s veto last year and not being part of the Euro in the first place.
The US, Canada and China have refused to provide any further funding to the IMF for the purposes of the EU bail out. The IMF involvement has been branded “bonkers” by critics as the IMF was set up to aid developing nations. Using IMF funds to prop up Western economies such as Italy, Spain and Portugal signals the dire state of the EU economy.