LETTER: Do not give in to to EU’s ‘naked ambition’

Your article on the looming threat of a European Union blacklist (“Premier: ‘We cannot make unreasonable concessions’ to EU,” Nov. 17) concluded by quoting Bodden Town MLA Chris Saunders questioning “What’s the use of [Cayman] bending over backwards, chasing after 8 percent of the business while we’re losing 92 percent of the business?”

From the perspective of the EU,  this is precisely the point – for Cayman and other transparent, cooperative and law-abiding international financial centres to lose 90 percent – or better, all of their business. Premier Alden McLaughlin, Minister Roy McTaggart and Mr. Saunders deserve to be commended for standing up for Cayman’s financial services industry and signaling the long-overdue and necessary shift in policy toward the EU’s naked ambition.

Glenn Kennedy