Panama’s Finance Minister Resigns on Ruling Coalition Split

Panamanian Finance Minister Alberto Vallarino resigned amid a split in President Ricardo Martinelli’s ruling coalition, deepening a political crisis in Central America’s fastest growing economy.

Vallarino, who said he will remain in his position until a replacement is named, quit late yesterday after Martinelli called on Vice President Juan Carlos Varela to step down as foreign minister. Vallarino and Varela have both run for the presidency under the opposition Panamenista party, which aligned with Martinelli’s Democratic Change party in 2009.