Panamá 2014

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Las elecciones son hoy (también elecciones para los diputados, el PARLACEN, alcaldes etc)

The candidates are:
José Domingo Arias (CD-MORELINA): vaguely conservative nobody who is a puppet for incumbent vaguely conservative/autocratic incumbent Ricardo Martinelli (the supermarket magnate dude). His running mate also happens to be Martinelli's wife even if that's blatantly unconstitutional

Juan Carlos Navarro (PRD): vaguely centre-left former mayor of Panama City, running for the PRD which was Omar Torrijos' party and was one of the two establishment parties from 1990 to 2009. basically boring moderate heroes with a vague hint of centre-leftism.

Juan Carlos Varela (Panamenista): incumbent VP elected with Martinelli in 2009, fell out with him in 2011 and has spent the last 2-3 years hating him. Running for the old Panamenista Party, historically a nationalist party/machine for Arnulfo Arias (famous for being elected thrice and probably more but never completing his terms). Seems like a Very Serious Person and ultimate moderate hero ('not a politician but a businessman'/'working above parties' sh**t)

Also 4 random nobodies including a True Leftist

It is a close 3-way battle, with Arias holding the most chances of winning.

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Is Martinelli not running because he is term-limited?

Yes, Panamanian Presidents actually can't run in the next two presidential elections and their relatives can't be elected President or VP in the next term.