Panama's Financial
System Ready To Face
Global Crisis
PANAMA - Panamanian
President Martin
Torrijos said Monday
that his country's
banking system is ready
to face the global
financial crisis.
"If there is a moment
when the banking system
is best prepared to face
a situation that affects
the Panamanian economy,
(it) is now," Torrijos
said at an appointment
ceremony for Banking
Supervisor Olegario
Barrelier.
He said that as the
international financial
crisis is very
complicated, those who
are responsible for the
country's economy and
finance should manage it
very carefully.
"However, we must be
careful, as we are doing
and we are going to
continue managing, not
only with transparency,
but giving the coherence
that the public finances
did not have during the
past government,"
Torrijos said.
Barrelier, an
experienced banker, said
Panama will not suffer
the repercussions of the
financial crisis as the
country has a solid
banking system with
liquid assets of 13.537
billion U.S. dollars.
"We do not depend on
external funding in the
capital markets...Our
banks have not suffered
huge losses and they are
stable," he said.
By appointing Barrelier,
the Panamanian
government hopes to
guarantee the healthy
operation of the
country's banking system
in the face of the
financial crisis.
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