Central American country holding alternative view (8)
I believe the answer is:
panorama
'view' is the definition.
('panorama' can be a synonym of 'view')
'central american country holding alternative' is the wordplay.
'central american country' becomes 'panama' (Panama is an example).
'holding' indicates putting letters inside.
'alternative' becomes 'or'.
'panama' enclosing 'or' is 'PANORAMA'.
(Other definitions for panorama that I've seen before include "Total view (of subject)" , "Am on a par (anag)" , "Wide view (from BBC TV?)" , "Wide-angle shot" , "Unbroken view of surrounding area" .)