Panama Votes to Expand Canal

The Panama Canal can handle ships carrying 4,000 containers, but super-sized cargo vessels carry three times that many and more. Yesterday, the voters of Panama agreed to expand the canal, with work expected to begin as soon as next year. Though the turnout was low, the margin was high--with 78% of the voters agreeing to expand the Panama Canal. The project will cost at least $5.2 billion, creating 40,000 jobs in a poverty-stricken country with 9.5 percent unemployment. Will that make Panama more competitive with Egypt and its Suez Canal?