World press discusses Cayman Islands
Worldwide press have seized on the financial troubles of the Cayman Islands, and in this regard are discussing such topics as bankruptcy, fiscal woes, tax haven and London’s refusal to allow further borrowing to Cayman.
For example, Peter Thal Larsen wrote: “The financial crisis has not been kind to the Caymans. Hundreds of hedge funds have collapsed and global banks have slashed jobs. Things are so bad that the Government of the Cayman Islands is facing a USD 82 million revenue shortfall in the budget. Local officials say they need a big loan or the Government risks bankruptcy”.
Of course, there could be some reason for expressing such an opinion, but, it goes without saying that media often exaggerate. And it should be remembered that currently the Cayman Islands is a stable jurisdiction. To remind, Moody’s has recently given a stable outlook for the jurisdiction.