I support President Obama, who has said that the USA does not wish to put more into the IMF to bail out members of the Eurozone. The USA thinks the Eurozone should do more for itself. I do not think the UK should be putting more of our money at risk in the Euro through the IMF either.
IMF programmes are for sovereign countries. They usually require austerity packages, which are plentiful in Euroland, and devaluations, which are ruled out within the Euro. They require states going through an IMF programme to follow appropriate monetary policies for them controlled by their Central Banks and governments. Again, Euroland members cannot do this, as they have to accept the one size does not fit all policy laid down by the ECB and the EU.
Greece or Portugal are to Euroland as Arkansas or California are to the US monetary union. No-one thinks the IMF should lend money to an American state in a tight corner. Similarly there would be no question of IMF loans to Wales or Northern Ireland if they needed financial help within the sterling area. The duty and responsiblity rests with the sovereign of the currency area to send them enough transfer payment or to stand behind the collective borrowing to finance their activities.
It is not the rest of the world’s fault that Euroland lacks a full sovereign to back up the currency and to send sufficient transfer payments from the rich to the poor within the union. I do not see why the IMF should provide money that the Union itself is unwilling to provide, when the troubles in Euroland primarily relate to imbalances within the union that the Union should sort out.
The UK Parliament has already approved this money. I did vote against when it was put to the vote.