Panama Papers – Little Introduction

Panama,officially called the Republic of Panama, is a transcontinental country situated between North and South America. It is bordered by Costa Rica to the west,Colombia to the southeast, the Caribbean to the north and the Pacific Ocean to the south. The capital and largest city is Panama City, whose metropolitan area is home to nearly half of the country’s 3.9 million people.

Panama Flag IMG_0644

As all of the Central American countries, Panama was inhabited by indigenous tribes before settlement of Spanish in 16th Century. Settlers brought they illnesses and took care of dicreasing of the population…

Panama brought from Spain in 1821 and joined the union of Nueva Granada, Ecuador and Venezuela, after this union disolved Panama stayed tied to its neighbour Colombia until 1903 when Panama got independent with help of United states. Of course this help wasn’t for free and US was allowed to build so famous Panama Canal through the countire ca. 16km wide and 80km long.

Since the early 20th century, Panama has gained a reputation worldwide for being a tax haven. In 2016, the release of the Panama Papers caused a huge global financial scandal.

Revenue from canal tolls continues to represent a significant portion of Panama’s GDP, although commerce, banking, and tourism are major and growing sectors.

Panama’s jungles are home to an abundance of tropical plants and animals – some of them to be found nowhere else on the planet.

The Panamanian currency is officially the balboa, fixed at a rate of 1:1 with the United States dollar since Panamanian independence in 1903. In practice Panama is dollarized: US dollars are legal tender and used for all paper currency, while Panama has its own coinage.

The balboa replaced the Colombian peso in 1904 after Panama’s independence. Balboa banknotes were printed in 1941 by President Arnulfo Arias. They were recalled several days later, giving them the name “The Seven Day Dollar”. The notes were burned after the seven days but occasionally balboa notes can be found in collections. These were the only banknotes ever issued by Panama and U.S. notes have circulated both before and since…

Slovensky preklad 

Deutsche Übersetzung

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