The Latin America Digital Beat(LADB) is the University of New Mexico's premier English language Latin America news service. Established as a unit of the Latin American and Iberian Institute in 1986, LADB has had an Internet presence since 1996. LADB is located on the UNM campus in Albuquerque, New Mexico.
Monday, April 14, 2014
Work Resumes on Panama Canal Enlargement but Key Issues Remain Unresolved
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Article from NotiCen, April 10
The Spanish-led consortium Grupo Unidos por el Canal (GUPC) resumed work on the expansion of the Panama Canal on Feb. 20, after a bitter dispute with the Autoridad del Canal de Panamá (ACP), the autonomous agency that manages the canal, was finally resolved. The expansion of the canal was originally expected to cost around US$5.25 billion but the GUPC argued that it had encountered unforeseen additional expenses that would increase the cost of the project to almost US$7 billion, setting off an acrimonious feud with the ACP, which insisted that the consortium should abide by the terms of the contract. After the two parties failed to reach an agreement, the project ground to a halt on Jan. 20. After a war of words between the two parties and weeks of legal wrangling, the consortium and the ACP agreed that each side would pay US$100 million needed for the project to resume while insurer Zurich will convert a US$400 million deposit into a loan.