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| Skyline of Panama City today |
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| Business and Apartments on Paitilla Point, Panama City |
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Panama is no longer a third world country. Since the end of World War II the country has grown into a financial power in the free world, savoring some of the key banking industries in the world in Panama City. Major banks and hotels have located on the shores of Panama Bay, forming a high rise of beautiful buildings and the supporting businesses. |
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| Gatun Locks on the Panama Canal |
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The additional responsibility taken on by Panama on December 31, 1999 of sole ownership and operation of the Panama Canal has enhanced the country's ability to maintain its status in the world economy. It now passes over 40 ships per day through its own Canal, making it one of the key commercial operators in the world. The income from the Canal has also helped the finance base of the country, and this will continue into the future as a new wider Canal is planned, and finally built. |
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| Canal Administration Building |
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The Administration Building, built in 1915 by the U.S. and used as the Governor's office as well as other official offices, will soon be the main government building in Panama, where the President of Panama and the major government officials will also be housed. This is to be the first major move by the government to start utilizing the facilities left to Panama by the U.S.
Residential housing units all over the former Panama Canal Zone have been put up for sale by the Panamanian Government. These houses are being converted to beautiful residences by the buyers. Many U.S. citizens of retirement age are moving to Panama to live in a retirement mode. The cost of living is very reasonable, free medical insurance and other benefits make this an ideal retirement atmosphere for many. |
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| Oil tanker in Miraflores Locks |
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As the fleets of ships from many nations have grown larger and the ships much larger as well, there is no longer any doubt that a new and wider canal is a necessity. The original Panama Canal designed in 1904 with chambers 110 feet wide and 1000 feet long can no longer provide passage for the newer container ship, oil tankers and other freight carrying vessels that ply the seas in today's world. Financing for this venture is still uncertain, but studies have begun to finalize the engineering tasks that must be accomplished, the water needs of the new canal, and finally the money required for such a venture. |
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