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| Author: | Blanden, M. |
| Title: | Fortress Luxembourg. |
| Journal: | Banker
1987 : NOV, VOL. 137:741, p. 33, 35 |
| Index terms: | BANKING LUXEMBOURG EUROBONDS TAX HAVENS |
| Language: | eng |
| Abstract: | Luxembourg had a strong agriculture and metallurgy, but both are now in trouble. Over the past two decades the country has built up a reputation of being a discreet, tax-efficient center. As a result, its banking sector is powerful, employing more than 7% of the country's labor force and paying around 18% of the total taxes. But after long years of successes, now the banking sector of Luxembourg is under pressure: because of problems with LDC's debts, syndicated lending has dropped off. Also, London becomes more and more attractive. To preserve its position, the country has to deal with private client business and investment banking. |
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