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Panama debt just turned toxic
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Japanese financial conglomerate Nomura recommends to ditch Panama bonds and execute an "exit strategy" if you own them. UBS warns about reckless spending by Martinelli.
Bananama Republic (https://www.bananamarepublic.com/tag/investment-grade/)
Japanese financial conglomerate Nomura recommends to ditch Panama bonds and execute an "exit strategy" if you own them. UBS warns about reckless spending by Martinelli.
Martinelli faces a deficit of $2.5 billion on a $15 billion budget. With $4.5 billion disappearing into the black hole called "corruption" and Panamanians willing to riot to prevent him from selling off state assets, the supermarket baron is effectively out of funding.
Only eight weeks into the Martinelli administration, the US ambassador already warned that Martinelli's shaking down corporations could harm Panama's investment climate.
While the pressure on Panama to clean up its legal system and corruption is mounting, a prominent legislator's law firm is in bed with a convicted serial fraud artist from Canada.
Standard & Poor's warns that Panama could lose its coveted investment grade if Martinelli doesn't change his ways after human rights groups condemn again the police brutality in Bocas.
After first successfully seizing the money of a Canadian retiree on behalf of HSBC, lawyer Hector Infante has now accomplished the legal theft of $50 million of Panama's poor children.
Alemán's defense of Martinelli is right out of the Goebbels propaganda textbook, along the lines of "Hitler built highways and the trains left on time".
This is how we do business in Panama. High level crooks don't pay taxes on anything. All others pay for lousy public services and to maintain our glorious system of total corruption.Viva investment grade!
Panama goes for "investment grade". That means that we're terribly sorry, but the schools here will continue to suck like, forever, and the old and the needy will become more old and more needy.