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Podcast: Iceland: offshorisation, collapse and recovery. What are the lessons?

In the October 2016 Tax Justice Network podcast: we look at the offshorisation of Iceland’s economy, its collapse and recovery. What are the lessons? Also, Brazil adds Ireland to its tax haven black list and Panama threatens anyone who dares call it a tax haven with a new law…plus more scandal and unique analysis you won’t find anywhere else. Produced by Naomi Fowler for the Tax Justice Network and featuring Sigrun Davidsdottir, journalist, blogger and podcaster, journalist Ingólfur Sigfússon and John Christensen of the Tax Justice Network.

You can download this directly onto your mobile device. phone or tablet (‘right click and save link as’ here)

“Iceland didn’t do what Europe has been doing, lingering in a limbo and not really tackling the big issues, we can see that every so often the European banking sector is struggling now with Italian banks, with Deutsche bank and so on, and this is very much down to the fact the painful things have been avoided and I often say that Iceland shows that a quick stab is better than a lingering pain. Iceland took the quick stab, it was extremely painful at the time but at least things have and are being slowly cleared out and that makes a huge difference compared to the so many European countries where the lingering pain is still there.”

Sigrun Davidsdottir, journalist, blogger and podcaster. Read her Icelog

“Panama is not just a major secrecy jurisdiction, it is a politically delinquent secrecy jurisdiction…they are moving away from a democratic country where civil society can interact freely…to an increasingly autocratic model and Panama now deserves to have strong international sanctions imposed upon it to make sure it doesn’t proceed down this highly autocratic highly secretive, highly non-cooperative model because the only people who’ll benefit from that are the criminals”

John Christensen of the Tax Justice Network

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Global Risks To Irish Economy Being Ignored Again

Global Risks To Irish Economy Being Ignored Again

- Leading think tank forecasts strong economic growth in Ireland, ignores global risks
- Impact of Euro zone debt crisis and global geopolitical risk underestimated  
- Global macro-economic, systemic, geo-political and monetary risks largely ignored  
- Risk that lulls politicians, investors and people into false sense of security … again

Ireland’s leading economic think tank, the Economic and Social Research Institute (ESRI) has issued its latest quarterly report in which it forecasts that the strong economic performance in Ireland is set to continue.

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It has forecast strong economic growth of 4.4% this year and a lower but still strong 3.7% next year. It says it expects unemployment in Ireland to drop below 10% this year for the first time since 2008 and as low as 8.4% next year.

The report said the economy is now growing so strongly that Ireland’s budget deficit could be virtually eliminated by next year – two years ahead of schedule.

The economy was supported by the first growth in consumer spending since the start of the recession. Consumer spending grew by 1.1 per cent last year, and the think tank forecasts this to rise to 2 per cent this year.

However, the think tank does acknowledge that it will be constrained by the still very high levels of household and mortgage debt, by people prioritising debt repayment over consumption, and by the still falling level of consumer credit from Irish banks. (more…)

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