PANAMA’S seven day ultimatum to Colombia to revoke its listing of the Central American country as a tax haven expired, Tuesday October 21, and the Cabinet will meet on Wednesday to discuss retaliatory action.

 Business groups and the Law Society have called for strong action including a toll on Colombian ships transiting the canal.
Representatives of both countries held talks over the weekend and on Monday, but, for the moment, Colombia maintains its decision reports La Prensa.
Panama’s Foreign Minister Isabel de Saint Malo de Alvarado had earlier expressed optimism that an agreement would be reached, and trade talks were continuing between the two countries .