Panama Papers impact: Iceland PM Sigmundur David Gunnlaugsson resigns

Panama Papers impact: Iceland PM Sigmundur David Gunnlaugsson resigns

In a development which underscores an apparent impact of the so-called Panama Papers, Iceland Prime Minister Sigmundur David Gunnlaugsson stepped down from his post on Tuesday.

The Panama Papers are the recently leaked documents from Panamanian law firm Mossack Fonseca. The leaked documents - more than 11.5 million - have put into spotlight the wealth that politicians and renowned public figures across the world have stashed offshore to avoid taxes.

The resignation of Iceland Prime Minister Gunnlaugsson is a result of the disclosure in the leaked Panama Papers that his wife is the owner of an offshore company with big claims on Iceland's banks --- a situation which presents an undeclared conflict of interest for Gunnlaugsson, and triggered protests calling for him to quit office.

Gunnlaugsson's resignation comes ahead of a planned vote of no-confidence, with hours of a request to the Iceland President for dissolution of parliament, a move because of which a new general election would almost definitely have been held.

With Gunnlaugsson having stepped down, the Progressive Party's deputy leader Sigurdur Ingi Johannsson said in an interaction with reporters that the party plans to suggest his name as the new Prime minister to its coalition partners in the Independence Party.

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