As the ramifications of the leak of about 11 million secret documents from the Panama-based law firm, Mossack Fonseca, play themselves out, a clear articulation of what the "Panama Papers" hold for the state of global finance today came from US President Barack Obama.

Following the joint investigation by the International Consortium of Investigative Journalists and the German newspaper Sddeutsche Zeitung into the leaked papers, Mr. Obama described global tax avoidance as a huge problem. Read more