Panama Papers Fallout Begins Already

Iceland's Prime Minister resigned today over mounting pressure after it was revealed that he had business dealings with an offshore company involved with the failed banking industry in his country.

Expect to see more shockwaves coming soon.

Panama Papers fallout: Iceland's prime minister resigns

By Tim Hume and Zoe Robert, CNN

Reykjavik, Iceland (CNN)[Breaking news update at 11:52 a.m. ET]

Icelandic Prime Minister Sigmundur David Gunnlaugsson has resigned, the deputy chair of Iceland's Progressive Party said Tuesday.

Gunnlaugsson had been under intense pressure to step down since leaked documents hacked from a Panamanian law firm revealed his links to an offshore company, triggering mass protests in the capital.

The fate of Iceland's Prime Minister Sigmundur David Gunnlaugsson and his government hung in the balance Tuesday as senior political figures in the Nordic nation held emergency talks amid fallout from the "Panama Papers" leaks.

Gunnlaugsson has been under intense pressure to resign since leaked documents hacked from a Panamanian law firm revealed his links to an offshore company, triggering mass protests in the capital Monday.

Critics said the revelations around the company, which allegedly had holdings in Iceland's collapsed banks, have shattered public confidence in his leadership and could affect the country's international reputation.

On Tuesday, Gunnlaugsson said he planned to dissolve parliament and call for fresh elections as soon as possible if lawmakers from his party's coalition partner -- the Independence Party -- did not support his government.

Prime Minister Sigmundur David Gunnlaugsson in parliament Monday.

But after meeting with Gunnlaugsson, Iceland's President Olafur Ragnar Grimsson said he would not consider the request to dissolve parliament before he had spoken with both parties in the coalition, according to Iceland's national public service broadcaster RUV.

Gunnlaugsson has led the island nation of 330,000 people since 2013, his Progressive Party governing in a center-right coalition government with the Independence Party.

An estimated 10,000 demonstrators -- a huge number considering the population -- packed the streets Monday evening outside parliament in Reykjavik as opposition lawmakers called for a vote of no confidence in the Prime Minister.

As I recall, Iceland took a very hard line when it came to the crooked bankers running amok in their country and sent a bunch of them  to jail.
A very touchy subject over there. When they found out the PM had ties to that, whether he he knew about it or not, they smelled blood in the water.


Considering the amount of data that was leaked, it is going to take a long time to finally see who has been playing hide the weenie and where but before this is all over you can expect to see more of this and even some people going to prison.