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I've never been to Panama City but I've heard good things about it and plan on going there one day. I've been to Buenos Aires and I can honestly say it's one of the best city's in the world if you are looking for a good time, great food and hot girls.
Prices are still low after the economic collapse. You can get a nice and furnished 2 bedroom apartment in a good and central area for around $1000 / month.
I know there is a bit of corruption and bs bureaucracy over in Argentina but not many countries in the world that doesn't have the same problems.
Like I've said I've not been to Panama City but I'm pretty sure Buenos Aires/Argentina has Panama beat!
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