Panama papers

Panama Papers: More Trouble For The West Than Russia

...Regardless who is behind the Panama Papers, the leak could cause trouble in a number of European countries and among key U.S. allies. The paradox here is that while the sums connected to Western countries may be much smaller than Russia’s “$2 billion,” the Western public and media are less tolerant of non-transparent dealings or whiffs of corruption. They will expect complete accountability unlike in Russia. The Prime Minister of Iceland has already resigned. 

After facing criticism, Britain’s Prime Minister David Cameron admitted that he profited from an offshore trust where his shares were about $40,000. Despite the insignificant sums, Cameron’s scandal could not come at a less opportune time: The Prime Minster is the public face of a campaign against Brexit(Britain’s referendum to leave the EU). The mishap could have implications for the June 23 vote. An EU without Britain is a weaker EU and a weaker ally for the United States.