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Pension protests set to derail Panama Canal widening.
(From Lloyds List)
CIVIL unrest is jeopardising two of the Panamanian government's key policies, pension reform and a national referendum on widening the Panama Canal, writes Carlos Calcedo.
President Martin Torrijos came to power last September with a landslide victory that gave him a commanding majority in congress.
This appeared to have given him enough political clout to implement austerity measures aimed at narrowing the large fiscal deficit, and tackling Panama's unsustainable pension system.
However, the pension reform congress passed in June triggered fierce protests from the country's main trade unions.
On July 5, Mr Torrijos was forced to concede that implementation of the pension reform, which increases retirement age and workers' con- tributions significantly, was being frozen for 90 days.
Civil unrest is also likely to derail November's scheduled referendum on widening the canal, the preferred route for cargo moving between the US east coast and Asia.
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