Panama and Spanish builders bicker over ‘suspended’ canal expansion

[unhappycamper]

http://www.rawstory.com/rs/2014/02/05/panama-and-spanish-builders-bicker-over-suspended-canal-expansion/



Panama and Spanish builders bicker over ‘suspended’ canal expansion
By Agence France-Presse
Wednesday, February 5, 2014 16:24 EST

A dispute over a $1.6 billion cost overrun in the Panama Canal’s expansion took a new twist Wednesday after a Spanish company leading the project denied it halted work over the spat.

The Panama Canal Authority said the consortium led by Spanish builder Sacyr had halted work after negotiations broke down, but the company later announced that it made a “final offer” to prevent a shutdown.

The two sides have locked horns since December over unforeseen expenses in a project to widen the canal to accomodate massive cargo ships in the century-old waterway, which handles five percent of global maritime trade.

Panama Canal Authority administrator Jorge Quijano said the “inflexible position” of the consortium known as Grupos Unidos por el Canal (GUPC) had derailed the negotiations.