Do you mean ignore web servers that are located in Panama? What if one or more Panamanian's have their Panamanian websites setup on servers in other countries around the globe? Or, what about non-Panamanian citizens that have their websites setup on servers located in Panama?
That's the same in a reverse way, if I look for something, only in "Panamá", as a region. Google would filter all webserver that apply to Panamá. I need the reverse, all webservers but Panamanian. (as a simple example). I have tried the "-word", but didnt word.
I think Google has an option to set location for search preferences with the Search Tools there. Well it's surely there but you just need to enter the PIN or ZIP code for the specific location you want to search pages in. Don't know the option for vice-versa. If anyone else knows the option of excluding do share it over here.