Business magnate triumphs in Panama elections

Four years ago, Ricardo Martinelli earned a scant 5% support in Panama’s presidential elections and finished last. On Sunday, voters chose the multimillionaire supermarket tycoon to become the isthmus’ next leader.

Panama’s electoral board declared Martinelli the winner Sunday night against government-backed candidate Balbina Herrera. "We will be working in a government of national unity," said Martinelli in a statement after his victory was announced.

Why should we care about Panama and president-elect Ricardo Martinelli? Here are five quick reasons:

1. Change vs. status quo: The media has mainly focused on Martinelli’s victory as that of a rightist candidate bucking the so-called “pink wave” of leftist governments. Yet his win represents that of a candidate promising to buck against the status quo and traditional parties. Is it no wonder that he campaigned with the slogan "for a real change"?
2. Start of the “green wave”?: The trend that could form in the Americas is that of very wealthy people winning the presidency. As professor Greg Weeks noted in his blog, billionaire Sebastian Piñera is the odds-on favorite to win Chile’s presidency while El Salvador’s defeated right is trying to unite around ex-president “and very rich businessman” Alfredo Cristiani.
3. The expanding canal: Martinelli will preside over the planned completion of a third set of locks to the Panama Canal. His business background could work to his advantage with the canal and other infrastructure improvements under his planned public works program.
4. Free trade: Worries over Panama as a tax haven has stalled the bilateral free trade pact in the U.S. congress. Nevertheless, Martinelli vowed that he would make the agreement “a major goal” during his administration.
5. A rightist populism?: Martinelli appealed to the voters by promising to "walk in the shoes" of the Panamanian masses and his campaign had some populist overtones. Yet he also pledged to promote tourism and encourage foreign investment into Panama.
   

Image- BBC News
Online Sources- wsj.com, csmonitor.com, Xinhua, Reuters, Two Weeks Notice, AFP