Word: panama
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...treaty is very much a compromise ?neither a triumph nor a defeat for either side. Not only does it settle a nagging quarrel with Panama, it also removes a major irritant in U.S. relations with Latin America, which regards American control of the canal as a humiliating relic of the colonial era. It also assured continued U.S. control over a long transitional period; there is to be no radical, overnight shift of authority. Said Escobar: "Getting control of the Canal Zone and the canal is one of Panama's oldest national desires. To generation after generation of Panamanians...
...treaty gives Panama full sovereignty over the canal?but slowly. Not until the year 2000 will the U.S. relinquish complete control of the 51 -mile-long waterway. In the meantime, the U.S. will continue to operate the canal, as well as the 14 military bases in the zone. The bases will be phased out at U.S. discretion over the life of the treaty. Under the terms of a separate treaty to be signed later by all of the hemisphere's nations, the U.S. will guarantee the neutrality of the canal and its accessibility to all the world's shipping even...
Once the treaty is approved by both countries, the venerable Panama Canal Company will be replaced by a board of directors consisting of five Americans and four Panamanians. The Panamanian members will be proposed by their own country but appointed by the U.S. Until 1990 the canal administrator will be an American and his deputy a Panamanian; after that year, the positions will be reversed. Increasing numbers of Panamanians (who now make up approximately 75% of the 13,000-member canal work force) will be brought into all phases of the operation...
...soon as the treaty is in effect, more than half of the 648-sq.-mi. Canal Zone will be handed over to Panama, which is planning a variety of public and private development programs. American citizens may continue to work in the zone as long as they choose or their jobs last, and they will have the same rights and privileges as other U.S. Government employees overseas. But within three years, they will be subject to Panamanian law, except in certain cases. If they are charged with a crime, they will be guaranteed much the same procedural rights they have...
...will raise the rent that it currently pays to Panama from $2.3 million to $10 million a year and will add another $10 million from canal revenues, business permitting. Panama will also be advanced a $200 million loan from the Export-Import Bank, a $75 million loan for housing investment and $20 million to start a Panamanian development bank. The two nations are also negotiating a military-assistance program...