May 30 2012

The Greek offshore web of contagion – a reminder

Posted by: Nick Shaxson in: Thoughts

A year and a half ago I wrote this blog with this picture in it, drawn from an IMF report, showing the web of interconnected contagion from Greece. It seems rather apt at the moment again. Just look at those tax havens.

I was prompted to resuscitate this picture after Richard Murphy blogged it, with a nice short summary of what it means in a longer post entitled Greece and tax justice – the last hope for its democracy:

“Greece is largely indebted via tax havens to a global financial system that behind the anonymity of the financial architecture it uses is demanding repayment from Greece at cost to the people of that country in what may well be a vain attempt to ensure that the offshore financial architecture of banking survives.”

That pretty much summarises the main points, I think.

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