It's 2. The Colombians (who owned the isthmus originally) wanted too much and wouldn't deal with the US. The US actually manufactured a Panamanian revolt against the Colombians (sound familiar?) and when the Colombians tried to put it down, guess what? the US Navy showed up to block them. The US then recognized the Panamanian government and it cut a deal with the US. The rest, as they say, is history.
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