5 ms·

The people who elected a government that made their country a tax haven leading to the crisis in the first place.

• marshray 14y ago
  When did being a "tax haven" become a bad strategy for country or smaller jurisdiction?
  • quink 14y ago
    Not in order, and to be continued by others: 1. Iceland
    • davidmr 14y ago
      When did Iceland become a "tax haven" intentionally or otherwise? If you're thinking of the recent banking crisis, a "high-interest rate account haven" would be a more accurate term.
    • marshray 14y ago
      The first, recent, article I found on Iceland seems to be critical, though not in a particularly damning way: http://www.reuters.com/article/2013/02/21/us-iceland-economy-idUSBRE91K0JN20130221 http://www.reuters.com/article/2013/02/21/us-iceland-economy... Iceland is growing at 2 percent, faster than much of Europe. But Petursson's comments underscore worries about the recovery's sustainability in a straightjacket of capital controls - coupled with questions over having a currency that one politician compared to the Disneyland dollar. Growth has been downgraded this year from 3 percent to 2 percent. Inflation is stubbornly high and the central bank has been forced to step up intervention in the currency market to prop up a weakening crown. Many expected Iceland's recovery to be stronger given the way smaller economies can bounce from deep recessions. The International Monetary Fund had originally forecast annual growth of around 4.5 percent from 2011-2013. It now is under half that.