Nicaraguan president, Daniel Ortega, is being heavily criticized this week, as locals worry about the environmental repercussions that a new £23 billion canal could cause the country. The canal will be built by Chinese-based development company HKND. Ortega has stated that he believes such a canal could rival the Panama canal, and boost Nicaragua’s competitive edge, however, Nicaraguan farmers and fisherman, say that the canal will do more harm than good.

“This project is going to be the biggest built in the history of humanity,” said Wang Jing, owner of HKND. “It will be an enormous help to the Nicaraguan people and for the world in general, because world trade will require it, we are sure of this.”

According to its website, HKND already has extensive experience in infrastructure development and construction management. That being said, legal experts are now claiming that such a canal would violate Nicaragua’s national sovereignty, while environmental activists note that the project would require the moving of untold tons of earth.

Several community leaders are supporting the voice of the protesters. Arturo Cruz, a former Nicaraguan ambassador to the US, has warned about the Chinese influence which could come along with the extravagant project. “If the canal goes ahead,” he stated, “it will be because the Chinese government wants it to, and the financing will come from China’s various state firms.”

Greek Negotiations Cause EUR/USD Volatility

With Greece still owing the International Monetary Fund €8.7 billion, financial analysts are hoping Greece can strike a deal with Europe’s banking leaders to mend the situation. Greece also owes €3.5 billion to the European Central Bank.

Despite its debt, many analysts believe that the alternative, of Greece dropping out of the Eurozone currency system, could be even more disastrous to the Euro. Yanis Varoufakis, Greece’s new finance minister, has stated: “This program is part of the problem. Our government was elected to challenge the philosophy of the program, not to get cosmetic changes.”