The commodities-exporting economies of Latin America will continue expanding in the years ahead, driven by demand from China despite slower growth in its economy, Nobel Prize-winning economist Joseph Stiglitz said during a conference round in Uruguay.
The US dollar is poised to continue consolidating during 2014 in Uruguay, and will most probably by the end of the year reach 24 Pesos from the current 21 Pesos, according to Itaú, one of the leading private banks in the country, which also warned about inflation and the fiscal deficit.
The Uruguayan economy contracted 0.7% in the third quarter compared to the previous quarter, although it jumped 3.3% over the same period a year ago, according to the latest release from the Central bank in Montevideo. During the second quarter, the expansion had reached 2.4%, and 1.5% previous to that.
Uruguayan Senator from the ruling coalition Luis Rosadilla will be honored by the Argentine embassy in Montevideo for having volunteered in 1982 to join the Argentine war effort during the invasion of the Falkland Islands.
President Jose Mujica reacted furiously to the accusation of Uruguay as a 'pirate state' from the UN official in charge of drugs' control, who was protesting the legalization of marihuana and because allegedly he was never received by the Uruguayan leader. Mujica bluntly replied, leaving aside all nice talk, tell that old man to stop lying and stop showing off to the stands.
Uruguay's recent passing of a bill legalizing cannabis from production to distribution has generated headlines and controversy worldwide. The basics of the law is that current methods to combat drugs addiction and trade have failed completely and new options should be experimented.
The Guardian columnist Simon Jenkins writes on the controversy.
Uruguay's decision to legalize marijuana is in violation of an international convention on drug control, the Vienna-based International Narcotics Control Board, INCB, which monitors government compliance with such treaties said on Wednesday.
Uruguay's Senate has approved ground-breaking legislation legalizing marijuana, becoming the first nation in the world to oversee the production and sale of the drug. After a marathon debate, the 16 senators from the ruling coalition out of 29 lawmakers voted Tuesday in favor of the legislation championed by President Jose Mujica, who must now sign it into law.
Pele, the only person to win three World Cups as a player, said Brazil will enter next year’s tournament with more humility than when the country last hosted soccer’s greatest event in 1950. On 16 July that year Brazil was shocked 2-1 by Uruguay in the final game at Rio de Janeiro’s Maracana stadium in what is considered as a national tragedy by some Brazilians.
Consumer prices in Uruguay during November increased 0.2% over the previous month with annual inflation reaching 8.51% compared to the 8.67% of October. Nevertheless in the eleven months of 2013, consumer prices have climbed 9.31%, which is a whole percentage point higher than the same period a year ago, according to the latest release from the country's Stats Office, INE.