Post by RobAs in the title, how would things be if those 2 areas were conquered by 2 different powers? Would the borders of the 2 Colonial Empires be at Panama or around it? What countries could be the participants? How would the respective colonies develop internally?
A couple ideas -
Spain gets Mesoamerica and a northern European power like France or a surviving Burgundy gets the Andes
Or, a country other than Spain is the first to say yes to Columbus, the Caribbean and ultimately gets Mesoamerica, while Spain plays catch up hard, unable to get Mesoamerica, but able to make first claim to the Andes (and Colombia or Panama)
Any other combination you wish.
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