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#PanamaPapers Revelations Pile Pressure on European Leaders

Sigmundur David Gunnlaugsson, the Iceland’s Prime Minister is to resign, said his party his on Tuesday, becoming the 1st casualty of disclosed documents from Panamanian law firm that have shone a spotlight on finances of array of the public figures & politicians worldwide.

The Panama Papers exposed that the premier’s wife possessed an offshore company with giant claims on the Icelandic banks, enraging many in his country who joined the mass street objections calling for him to resign.

Over a 11.5 million documents, that were leaked from Mossack Fonseca, the Panamanian law firm had caused public outrage on how the world’s powerful & rich are able to supply their cash & avoid the taxes while many people have to suffer the hardship & austerity. The firm however denied any wrongdoing.

Among those who were named are the friends of Vladimir Putin, the Russian President, relatives of leaders of Britain, Pakistan & China, and Ukraine’s President.

Iceland’s Prime Minister quit ahead of a planned vote of no confidence, which was a move that would almost unquestionably have led to new election.

Sigurdur Ingi Johannsson – Deputy Leader of his Progressive Party said that the party would propose to its alliance partners in Independence Party that he himself should come to be the new PM.

With the outcome from leaks echoing across the globe, David Cameron, the British Prime Minister also came under the fire from the rivals who accused him of permitting the rich elite to get-out their taxes.

The leader of the rival Labor Party required that the govt. tackle tax havens, saying that it was time PM Cameron stopped permitting “the super-rich elite” to dodge the taxes.

“There can’t be one set of tax rules for wealthy elite & another for the rest of us,” said Jeremy Corbyn, the Labor leader, adding, “The unfairness & abuse must stop.”

Barack Obama, the President of United States said that the Panama Papers revealed that the tax avoidance was a chief problem & Obama urged the congress of the United States to step up to halt the U.S. companies from taking gain of the loopholes letting them to dodge paying taxes.

“We have had another reminder in this big dump of data coming out of Panama that tax avoidance is a big, global problem,” said Obama.

“It is not unique to the other countries because frankly there’re folks in America that are taking advantage of this same stuff. A lot of it is legal, but that is exactly the problem,” he added.