Central American country holds an alternative view (8)
I believe the answer is:
panorama
'view' is the definition.
(synonyms)
'central american country holds an alternative' is the wordplay.
'central american country' becomes 'panama' (country in Central America).
'holds' indicates putting letters inside.
'an alternative' becomes 'or'.
'panama' enclosing 'or' is 'PANORAMA'.
(Other definitions for panorama that I've seen before include "Distant view of a wide area" , "Wide-angle shot" , "Impressive view" , "Current affairs programme" , "Total view (of subject)" .)