Varela had been the ally who helped the current President Ricardo Martinelli win previous elections, but there was soon distance between them, with Varelas removal from the office of Ministers of Foreign Affairs, although he retained the formal title of Vice President won in those elections.

Engineer by profession, Varela, 51, joined the management of the family business Varela Hermanos, beginning his political career in the Panamanian Party.

In the polls before the election vote, Varela held third place behind José Domingo Arias candidate of the ruling party, and Juan Carlos Navarro's Revolutionary Party.

More on this topic

Guatemala: Outsider Defeats Traditional Politicians

September 2015

In elections with less abstention than expected, Jimmy Morales, the filmmaker candidate for a nationalist center party, will run in the second round of the presidential election with an opponent who has yet to be chosen.

The 2015 elections in Guatemala saw the participation of 65% of eligible voters, which is auspicious in light of calls for abstention from different social sectors. Blank votes will not exceed 4% of those cast.

Panama: No News is Good News

May 2014

The change of government in Panama will not involve changes in the macroeconomic management of the country leading to projections of strong and sustained growth in the coming years.

Editorial

Friends of CentralAmericaData.COM have shown little surprise at the news coverage on the recent elections in Panama, and the results of those elections.

Election Results Will Not Generate Changes in Panama

March 2014

Fitch Ratings analysts said no matter who is chosen of the three candidates leading the polls, greater risks to the Panamanian economy are not expected.

From a statement by Fitch Ratings:

Although the polls suggest that any of the three leading candidates could become the next president of Panama in the elections of May 4, greater risks to the Panamanian economy are not expected, according to a new report from Fitch Ratings.

Panama: Near Future Without New Taxes

March 2014

The three presidential candidates at the top of the polls say they will not propose tax reforms during their tenure.

Capital.com.pa reports that "The issue was discussed at the last forum organized by the Panamanian Association of Business Executives (APEDA), which evaluated the economic and fiscal impact of electoral promises."