in Local News

“The revenue and expenditure figures with which Panama’s new president (Juan Carlos Varela) will have to work … are increasingly grim. The public treasury has been looted and commitments have been made without any provisions to pay for them. The new administration is just finding out many of the details. The scale is breathtaking for a country of our size.”

Varela will have to choose between austerity moves, raising the deficit limit or a combination of these things.

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