On the USD 1 Billion Pledge to the IMF: Irresponsible and Risky

Reference to a Philippine Daily Inquirer news article here: 
Palace: Philippines duty-bound to help poor nations

This issue is too important to be left to bureaucrats and technocrats. It involves people's money, especially from hard-earned OFW remittances where most of our foreign currency reserves come from. We work, we earn, we send remittances, and who are they to decide on this lending???? There must be a mechanism to democratize issues of finance (and the economy) in the country. 

Yes, Malacañang, we are duty-bound to be in solidarity with our fellow poor nations. But I'm afraid that this lending of the Philippine government of USD 1 billion to the IMF for the Eurozone is, among others, irresponsible and too risky.

Irresponsible. IMF and EU (especially Germany's) terms on Greece, for instance, will just deepen the sovereign debt crisis. It's not only debtors that are expected to be responsible, but creditors as well - the problem with Merkel's government is that it thinks the Greeks are the problem. If we do indeed care for collapsing economies in the Eurozone, we should have shared them lessons of our own traumatic experience when we have been painfully entangled in IMF and other foreign lenders' decades-long (and continuing) conditionalities and structural adjustments. 

Too Risky. My sense is that lending for sovereign debt crises is very risky especially for poor economies like ours with very limited reserves simply because there's always a big option and high probability for default. If Germany won't change its austere response or even to expand aggregate demand that Greece needs, the only way out of the crisis for Greece is to default on these onerous loans. Besides, indebted countries in Europe would only have to emulate how Iceland is managing the recovery well - through debt default, political will, and other reforms. 

The technocrats from Bangko Sentral are peddling lies that these reserves cannot be used for tangible national development projects.... Come on! Of course, you/we can! It boils down to political will!