Panama Financial Tower Project Quashed

A week ago a group of activists “dynamited” a column of boxes packed with money, representing the 70 story financial tower planned for Avenida Balboa.

Now, according to La Estrella, President Ricardo Martinelli has followed suit, and the $250,000 million tower that was to have been built on the site of the former US Embassy, is dead.

The project, says Estrella, was a victim of a new strategy as Martinelli strives to regain some of his waning popularity. His advisors are said to have advised the president to set aside projects that might arouse antagonism in the population.

The 'Tusa' or Financial Tower, the brainchild of former Finance Minister Alberto Vallarino, became the first victim of the government strategy.
According to Dichter & Neira poll, in June, 82.5% of respondents were against the project, but the government did not waver in the intention of carrying it out.

The tower was opposed by 15 citizens groups, by architects and engineers and by staff of Santo Tomas hospital when they discovered that the tower would infringe on the hospital’s historic grounds,

Activists had earlier opposed the demolition of the former embassy which they wanted used for a cultural center, or to house a museum.