A canal across the Isthmus of Panama connecting the Atlantic and Pacific Oceans. Some 51 miles long, it was begun in 1880 by the French Panama Canal Company under Ferdinand de Lesseps but construction was halted in 1889 by bankruptcy. In 1903 the USA acquired the construction rights from newly independent Panama and the canal was opened to commercial traffic in 1914. By the 1903 treaty the USA acquired sovereignty in perpetuity over the Panama Canal Zone, a region extending 8 km (5 mi) on either side of the canal. In return Panama received $10 million and an annuity. In 1977-78 two treaties restored Panamanian sovereignty over the canal and the Zone (from 1979) while also ensuring their neutrality and the USA's continued use of its bases. Full control of the canal reverted to Panama on 31 December 1999. Area: 647 square miles.