One might expect the US banking crisis to send a shiver through Panama, until recently a virtual fief-dom of its northern neighbour. Instead, it is full of optimism as it positions itself as the heart of Central America and, more ambitiously, as a Singapore-style entrepot, between north and south. The strategy has been going well, but it is unclear how a menu of massive infrastructure projects will be financed as the rest of the world slumps and credit evaporates. There were already signs of strain, manifested in unexpectedly high inflation. This decade may end in project delays and a slowdown that arrives sooner than expected.
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