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Panama Considers Adopting the Euro as Legal Tender

Article Summary:

Panama would like to introduce the euro as legal tender alongside the U.S. dollar, President Ricardo Martinelli told German Chancellor Angela Merkel recently during his presidential visit to Europe.

Photo Credit: Prensa Libre

Original Article Text From Prensa Libre via Google Translate :

Panama Considers Adopting the Euro as a Common Use

“In Panama, free movement in the currency is the U.S. dollar and told the Chancellor that we are looking at ways to make the euro becomes legal tender other and is accepted in the Panamanian market,” said Panamanian President during a joint news conference with Merkel in Berlin.

Martinelli gave no details about the change but expressed “full confidence” in the economies of Germany and Europe and it hoped that the debt crisis in the euro zone over soon.

Seventeen of the 27 member states of the European Union are in the currency, but the euro also circulate in several countries outside the eurozone, such as Montenegro and Kosovo, the Balkans, and in the small states of Monaco and Andorra.

Panama’s dollarized economy-distant nearly 10,000 kilometers of continental Europe, is one of the fastest growing in America, 10.6 percent last year, with the help of a strong infrastructure spending, including expansion of Panama Canal.

Fear in financial markets to a possible collapse of the single currency has eased since the European Central Bank said it was prepared to buy unlimited amounts of sovereign debt to reduce borrowing costs for vulnerable countries such as Spain .

But Merkel, head of the monetary bloc’s biggest economy, has said that Europe must persevere stiff austerity measures and move towards a banking union, tighter fiscal policy, enabling it to secure the future of the euro.

Link to Original Article:

From Prensa Libre

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