Country holding alternative view (8)
I believe the answer is:
panorama
'view' is the definition.
('panorama' can be a synonym of 'view')
'country holding alternative' is the wordplay.
'country' becomes 'panama' (Panama is an example**).
'holding' is an insertion indicator.
'alternative' becomes 'or'.
'panama' enclosing 'or' is 'PANORAMA'.
(Other definitions for panorama that I've seen before include "Wide-angle shot" , "Overall view" , "Unbroken view of surrounding area" , "Extensive all-round view" , "Wide view - TV programme" .)