Caymans seeks financial input from Reagan adviser

GEORGE TOWN, Cayman Islands

The Cayman Islands is asking Ronald Reagan's former budget director to help it reduce a multimillion-dollar deficit.

James C. Miller III will lead an independent panel tasked with identifying new revenue sources by year's end.

The government news agency says the British territory has promised to become less dependent on its status as a tax haven and to increase future revenues in exchange for borrowing more money.

The Cayman Islands has operated on a $100 million deficit and negotiated up to $465 million in bank loans.

Premier McKeeva Bush has declined to introduce property and income taxes despite urging by the British government.

Miller's appointment was announced Monday.