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Panama Canal crisis to hit trade and economy

Monday, February 10, 2014

The current Panama Canal crisis not only jeopardizes the jobs of thousands of workers and increase the cost and time for the project's completion, but also represents a blow to the Panamanian economy, analysts say.

"The situation concerning the project and the workers is completely uncertain, there is a crisis and we don't know when it will burst," said Saúl Méndez, leader of Panama construction workers' union Suntracs.

The crisis will not only affect Panama's economy, but also international trade, as the U.S. has revamped its ports on the Gulf of Mexico and East Coast to accommodate the larger vessels that will use the Canal when the project is complete, "and the don't want to keep those ports waiting," said Canal administrator Jorge Quijano.

Full story (in Spanish)