Region urged to fight for survival of financial services sector
by Peter Richards ST. JOHN’S, Antigua, Oct 31, CMC – An international expert on the financial services sector says Caribbean countries cannot afford to abandon the sector because it contributes significantly to their gross domestic product (GDP).
Professor Avinash Persaud, chairman of the London Business School, told the Caribbean Media Corporation (CMC) that the international community has been engaged in a one-sided attack on the Caribbean and other small developing countries in a bid to force them to do away with their financial services that they regard as tax havens.
“They are trying to establish a set of global rules which they decide themselves and then impose on us and then they judge whether we are fitting with those rules or not. It is really ad hoc and it is really designed to close down the international financial centres coming from the Caribbean,” Professor Persaud added.
(Details in Business section)