Fitch Ratings in March joined two other major ratings agencies in giving Uruguay its coveted investment grade, a move that lowers the nation’s borrowing costs and opens up opportunities for new investors.
A serious deterioration is taking place under the surface of the Uruguayan economy and when the current inflow of foreign capital reverts, the country is going to suffer unpleasant shocks with a strong rise in the price of the US dollar and an increase in inflation, according to a report from the US based BCP Securities.
Uruguay’s Eugenio Figueredo was officially appointed president of the South American Football Confederation (CONMEBOL) in succession to Nicolas Leoz on Tuesday. He is the third Uruguayan to occupy the post.
Deposits of Uruguayans in overseas banks experienced a drop in the last quarter of 2012, the second consecutive fall (3%), and now stand at 7.18bn dollars according to preliminary data released by the Bank for International Settlements.
Uruguay has a ‘flock’ of nine six-month ‘brilliant’ lambs which behave as any other sheep but are really genetically modified and are planned to help with medicine research. They were born in a farm belonging to the Animal Reproduction Institute of Uruguay (Irauy) a non profit organization connected to the Genetically Modified Animals Unit from the Pasteur Institute, a branch in Montevideo of the renowned French scientific organization.
England will play three matches on their tour to Argentina and Uruguay this coming June, announced the Rugby Union in England. Stuart Lancaster’s side will face a CONSUR XV representing the South American nations in Montevideo, Uruguay, on Sunday, June 2 (3.30pm local time, 7.30pm BST).
President José Mujica said Uruguay “must always talk and maintain close relations with Argentina” following the recent controversy that flared up when he was caught by an open microphone calling Argentina’s Cristina Fernandez “the old lady” and her deceased husband Néstor Kirchner “the one-eyed.”
Uruguay’ financial and political stability is backfiring as the Central bank is forced to buy a massive inflow of foreign capital which in turn creates an abundance of Pesos that need to be absorbed to control inflation and support the competitive edge of the country’s exports.
Last Wednesday April 17 ‘Splendour of the Seas’ and its 1.940 passengers marked the end of the 2012/13 cruise season for Uruguay, which took off on 23 October and totalled 222 calls between the port of Montevideo and Punta del Este sea resort.
Sooner than expected Argentine President Cristina Fernandez seems to have accepted her Uruguayan peer Jose Mujica’s apologies following his coarse words: “this old lady is worse than the one-eyed man” to refer to the Argentine leader and her late husband Nestor Kirchner.