Icelandic Prime Minster panama leaks resignation

Op-ed: Last weekend the so-called panama papers were released. A massive amount of data leaked to journalists in the mainstream media worldwide. The revelations showed a trail of money laundering and tax free off shore investments and that trail appeared to lead to many high profile figures, including some notable politicians.

In the UK three former Tory MPs and six members of the House of Lords were involved though not named.

Then there was UK PM David Cameron and his late father's off shore dealings. That was in many ways old news after being revealed by a C4 investigative team in early 2015.

But the panama leaks led to fresh questions being asked.

Downing Street seems to believe it is a private family matter for the Camerons but it is not. It raises suspicions and tarnishes the reputation of Cameron and therefore the office he holds.

More than 11 million documents from Mossack Fonseca were released and some western journalists have preferred to try to implicate Russian President Vladimir Putin who is not named; however the panama papers do include the names of people close to Putin.

But the scale of the leaks means that in the coming days, weeks, months and even years there may be more shocks to come.

First blood is Tuesday as Icelandic PM, Sigmundur Davíð Gunnlaugsson, resigns. He cut short an interview at the weekend as soon as the question of the "panama papers" and his involvement was raised but it was too late to save his neck; last night huge crowds demonstrated outside the Icelandic parliament showing their displeasure by throwing eggs and calling for a snap election.

What will happen to Gunnlaugsson now?

Iceland has jailed bankers who were 'caught napping' during the 2008 global financial crisis.

It is hard to imagine they will pat Gunnlaugsson on the back and let him walk away with his stash of cash.

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Gunnlaugsson and his wife had purchased an offshore company called Wintris in 2007. Gunnlaugsson never stated his interest in the company when he entered parliament in 2009, according to the BBC, one of the news organizations to examine the so-called Panama Papers. Eight months later, Gunnlaugsson sold his stake to his wife, Anna Sigurlaug Palsdottir.

People across Europe and further afield have been told that austerity is necessary to balance the books; they have been fed a diet of misinformation and lies.

There has also been an absence of some information.

Will the real truth, no matter who it touches, finally be revealed or will it be a watered down version of events?

C4 in the UK were at the cutting edge of allegations in July 2015 when they also published details of another 'family affair' this time linked to George Osborne.

Chancellor George Osborne's family business made £6 million in a property deal with a developer based in a tax haven, a Channel 4 News investigation has found.

Wallpaper firm Osborne & Little teamed up with a secretive corporation in the British Virgin Islands, to draw up plans to redevelop its former London headquarters into housing.

The companies jointly applied for planning permission for around 45 flats and houses, and once given the go-ahead, Osborne and Little sold its site to the offshore firm for £6,088,000.

A legal expert shown contracts obtained by Channel 4 News said Osborne & Little must have known the developer was based offshore, and had the potential to avoid millions in tax.

At the time, the Chancellor was the beneficiary of a family trust that owned at least 15% of Osborne and Little, so would have personally benefitted from the sale.

It is not known what the Chancellor's personal stake was.

Massive panama papers data leak blows austerity myth to pieces