Panama seeks to adopt the Euro as a standard currency – VIDEO
In a huge announcement causing somewhat of an uproar, Panama states that they are seeking to make the Euro, standard currency, alongside their US dollar based economy. Perhaps inside fears of the weakening US dollar is causing the small Latin American country to rethink the strategy of basing their entire economy on a currency with a bleak future. Talks about the Amero seem to have disappeared in recent months and with an election looming in the near future, who knows where the USA will be financially in 2013. Not only are US investors actively seeking refuge for their dollars in Latin countries like Cost Rica and Panama, but now it seems these Latin American countries are making bold and frequent steps to solidifying a financial future with other nations and unions of influence. Costa Rica’s President Laura Chinchilla, just returned from a visit to China last month where they strengthened their trade ties and seem to be building a solid friendship as countries with mutual goals. In the past week, they even announced that a group of 15 Chinese investors have come to Costa Rica to jointly build a major solar energy plant here in Costa Rica.
Despite the problems with the Euro right now, Panama believes as many others do, that the Euro will begin to pull through it’s tough times. Let’s hope for the sake of millions of US investors and citizens the USD can weather the storm it is now facing. If that is not the case, they may do well to find refuge in some Latin American Countries that have staked their roots in more solid ground.