The Cyprus Crisis: Could it Happen in Other OFCs?
Wealthy Russians and other foreign nationals who use Cyprus as an offshore financial center face the prospect of losing up to 40% of their deposits as a result of the collapse of the economy in the jurisdiction. This session will look at what caused the crisis, the financial impact on clients of Cyprus' offshore sector, which jurisdictions are likely to benefit from Cyprus' problems, and whether the debacle could be repeated in other OFCs.
Former Chairman, Cayman Islands Monetary Authority (Cayman Islands)
CEO, Cayman Finance (Cayman Islands)
Chairman, Institute for Global Economic Growth (Washington, DC)
Consultant, International Monetary Fund (Washington, DC)