Bankrupt Cayman Islands to get £38m bail-out

| 01/10/2009

(The Telegraph): The offshore centre of choice for the world’s hedge funds has admitted it may have to begin a new life – as a tax haven with taxes. After lengthy wrangling, the British overseas territory on Wednesday confirmed that it has finally secured permission from the UK to obtain a CI$50m (£38m) bail-out loan to plug a 35pc-40pc collapse in revenue this year. The island’s government has also signalled that it is ready to cave into UK conditions on slashing government expenditure and an independent report on reform of its tax system that could see it start to impose direct levies to obtain further loans worth CI$229m.

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  1. Anonymous says:

    Don’t you just hate it when UK media sources produce word-vomit sensationalist articles and present them as fact?

  2. Those vagabonds of the Guardian and telegraph really lets you know that they do not care about us, I know we have no choice but God how I wish that we could get rid of the UK.