After days of foot hopping and paper shuffling, the new Minister of Economy and Finance, Frank De Lima, has announced victory for opponents of the proposed Financial Tower.

The 70 story structure was to have been built on the site of the former American embassy on Avenida Balabo, but was strongly opposed by 15 citizen groups, architects and doctors and staff of the adjoining Santo Tomas hospital.

The population at large, was also opposed with a recent poll sjowing over 82 percent against the $250 million project.

The tower was the brain child of former  Finance Minister Alberto Vallarino, with President Ricardo Martinelli as an enthusiastic cheer leader, talking of a two year construction period, and  a presidential office on the 62^nd floor overlooking the Bay of Panama and whatever turns out to be the third phase of the Cinta Costera.

The first step to  creating the mega project was the demolishing of the  former embassy building, which sparked multiple demonstrations and protests and fathered numerous alternative uses  for the old structure, from  a museum to an arts center or a location for NGOs and even a hospital annex.

Doctors and staff of the revered Santo Tomas hospital joined the protesters when it was revealed that the new structure would impinge on the historic hospital grounds.

But with the break up of the ruling coalition leading to the departure of Vallarino, and the falling popularity of the president, support  for the project waned, and with no signs of a start on construction, rumors circulated that the project was dead.

Martinelli announced that the decision was entirely in the hands of the new minister, and the rumors proved to be true .

Lima announced Monday, October 17 that the project had been put on hold and the former embassy site handed over to the Ministry of Health to decide on its use as a possible location for the planned new Oncology or Children’s Hospital.

Opponents of the tower are jubilant, particularly the group that also opposes government plans for encircling Casco Viejo with a four lane highway for the Cinta Costera extension. In spite of the postponed visit of the Unesco delegation to analyze the government’s alternative suggestions, many believe that people power will prevail.