San Marino, a country the size of Manhattan, may sell international bonds for the first time to help its banks withstand an exodus of deposits amid a global crackdown on tax havens.
As much as 5 billion euros ($7.4 billion) of San Marino’s 13.6 billion euros in bank assets may flow out, mostly to Italy, according to estimates by The European House-Ambrosetti, a research company.
Tax havens are heading into financial trouble at an extraordinary rate.
Cayman, Isle of Man, Jersey, Guernsey, Bermuda, Ireland, and more and now San Marino.
Where will it end?
I'm not shedding tears.