Reece: Greek election results delay the inevitable

Matthew Reece, writing for, offers this take on Sunday’s Greek elections, writing in part:

“The results of this election may have preserved the Greek bailout deal for now, but a bailout is not the correct way to handle such a situation. Bailouts essentially reward fiscal mismanagement and create a moral hazard that encourages more fiscal irresponsibility.

“As bailouts subsidize bad economic behavior, they will cause more bad economic behavior in the future. The Greeks have made poor decisions and taken ill-advised risks, and the time has come for them to suffer the consequences of those decisions. Continuing bailouts of their socialist system will only make the inevitable crash worse.

“The correct message to send to other struggling nations in the Eurozone is that the time has come to get their fiscal houses in order, and not to continue to spend wantonly and look for a bailout that may not come.

“The United States is the only nation with the power to veto IMF bailouts, and the time has come to not only use this power, but to withdraw from the IMF, as no authority is granted to the federal government by the Constitution for involvement in an international monetary bureaucracy.”

The Libertarian Party is the only party that will get the United States out of the IMF.

Go here to read the full column

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