Uruguay has grabbed more than its fair share of headlines recently, thanks to its atypical and endearing president, José “Pepe” Mujica, and the exceptionally progressive policies he has championed, such as legalising cannabis.
But the tiny South American country’s presidential elections on Sunday will go largely unnoticed, as the nail-biting finish of the presidential race in Brazil monopolises attention.
Nevertheless, the two elections are remarkably similar. In both countries, a left-wing party that has ruled for the last decade is struggling to remain in power, with growing discontent as their economies slow down – although admittedly Uruguay’s economy remains much healthier than Brazil’s. Read more
Uruguay provides many things to many Argentines but perhaps they can be summed up as follows: beaches, banks and business.
This relationship has long been mutually beneficial – Argentines get access to the dollar and holidays that are this year cheaper than usual as Uruguayans seek to lure Argentines despite foreign exchange controls, while Uruguay gets money flowing in and investment.
But are the ties that bind getting too close for comfort? Read more
Place your bets … Chilean casino operator Enjoy is staking $140m on the purchase of a casino in Uruguay’s ritzy Punta del Este resort.
Announcing the deal, Caesars Entertainment Corporation, which is selling the controlling stake in Uruguayan hotel and casino operator, Conrad, to Enjoy, called Latin America “one of the fastest growing casino gaming markets in the world”. Read more
We all like a little praise now and then. Uruguay must be beaming.
The International Monetary Fund wrapped up its annual Article IV review of the country’s accounts last week with lavish praise. Read more
The world is used to analysing the impact of China’s slowdown. But what about that of another large emerging economy, whose influence also stretches beyond its borders?
Well, it will come as no surprise that Brazil’s slowdown – from 7.5 per cent in 2010 to 2.7 per cent in 2011 and a forecast 1.5 per cent this year – is hurting neighbours Argentina and Uruguay, where growth generally follows the same cyclical trends. (See chart after jump) Read more