Cayman does not need UK help
It has been discussed recently that the media is widely discussing financial problems of the Cayman Islands (http://cayman-islands-financial-services.offshore-journals.com/world-press-discusses-cayman-islands/310). As a result of this, the representative of the jurisdiction expressed his opinion with regard to the issue.
According to Anthony Travers, Chairman of Cayman Islands Financial Services Association (http://cayman-islands-financial-services.offshore-journals.com/cifsa/18), the Cayman Islands does not want to borrow money from the United Kingdom and does not need financial assistance from it. He said, “What we do need is for the Foreign and Commonwealth Office to give the Cayman government the nod to borrow £ 278 million from willing banks that are relaxed about our triple A credit rating. Just to put that sum in perspective, it is equivalent to less than half a day’s current overspend by HM government.” He added that Cayman’s “short-term funding issue is hardly a global issue, yet beleaguered onshore politicians single out Cayman as a convenient scapegoat to divert attention from their own inept fiscal mismanagement.”
Travers said, “Despite this current propaganda war being waged by ill-informed factions within the UK and US governments, I don’t remember any reluctance on their part during the recent cataclysmic financial downturn to beg Cayman for assistance in diverting trillions of dollars to their ailing US and UK economies.”