I f anything, the horrible corona epidemic showed us how letting companies use tax havens and loopholes for years on end, comes back to bite with a vengeance when governments and states suddenly face huge budget shortfalls faced with a genuine crisis. Shortfalls that mean far worse and less service for those with needs for the next years or perhaps decades.
This is happening on a worldwide basis and not least in small Iceland. Here, 99% of all tourism companies, jumped gladly out of capitalism and into socialism as soon as the local government made assistance possible.
Fair enough. The Covid-19 epidemic is certainly one of a kind and there is a case to be made for providing assistance to small business entities. Especially since even huge companies in Iceland are small in the scheme of things.
However, among those companies making the Icelandic state pay wages for their employees, are some of the biggest local companies. The same companies that have been making a financial killing for years on end with the huge influx of tourists to Iceland the last ten years or so. Among those the quasi world-famous 66°North or 66°Norður as it is known in these parts.
Yup, they sell garments and brag constantly about their almost 100 year experience. Which sounds impressive but is really just an empty PR-ploy.
Turns out, this shitty company, now owned in part by tax-avoiding Wertheimer-brothers, turned to government help in paying for all their staff in spite of showing huge profits for years on end.
That, ladies and gentlemen, is the height of disgusting, immoral corporate behavior. You´d be well advised to skip all their fancy stores if you find yourself on these shores.
