Guardian reports Cayman sinks deeper in crisis

| 26/09/2009

(The Guardian): The Cayman Islands leader, William McKeeva Bush, was today forced to postpone his annual budget as the British overseas territory’s debt crisis worsens. The situation prompted financial leaders of the Caribbean territory to launch a blistering attack on the British Foreign & Commonwealth Office (FCO) minister, Chris Bryant (left), for demanding the tax haven introduces an employee tax to ward off disaster. This month, the Guardian revealed the Caribbean tax haven was forced to ask the Foreign Office permission to borrow £278m from banks to repair huge deficits.

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Read Chris Bryant’s commentary British territoris are moving on tax


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