Tax Cheat Haven May Go Bust

Sure sign of collapse if no one has money to hide.

Bankruptcy threat brings new concept to the Cayman Islands … taxes

"The white sands of Seven Mile Beach on Grand Cayman have long caressed the toes of the world's wealthiest financiers, who flock to this balmy spit to avoid the taxman's prying eyes.
But the world's biggest hedge-fund venue and fifth-biggest bank centre is now threatened, as the government of the Cayman Islands heads for bankruptcy — unable to pay its own staff and facing the prospect of introducing taxes as income from the world's shrunken financial system collapses.
But the situation is about to get worse after the British government, which has ultimate responsibility for the islands, last week refused to bail out the Caribbean idyll. It is not convinced the country will have the money to pay it back."