The coming Uruguayan presidential election scheduled for October will be decided in a run off at the end of November according to the tendencies of the latest public opinion poll released Monday in Montevideo.
The Japanese Rating and Investment agency has upgraded Uruguay’s debt rating from BB- to BB with a stable outlook according to the latest release this week. This is two slots below investment grade and recognized among other factors the light public debt service burden until 2011.
NZ Farming Systems Uruguay Ltd has raised 30 million US dollars by selling a first tranche of bonds in Uruguay. The non-convertible bonds have an expected maturity of about 15 years, and pay a fixed interest rate of 5% until September 30, 2010.
Uruguay’s Finance minister Alvaro García for the third time in eight months downgraded the country’s growth estimate for 2009. At a press conference following the regular Monday cabinet meeting, Gracía said that the economy will expand 0.7% this year, down from the April estimate of 2% and 3% from last December.
Uruguay criticized trade barriers imposed by Mercosur country members which, it said seriously threaten the integration process and represent a “severe reversal” for the original project.
The Uruguayan ruling coalition Broad Front seems to be loosing steam while the main opposition party grows steadily ahead of the coming October 25th general election, according to the latest public opinion poll released on Sunday.
European Union Foreign Relations Commissar, Benita Ferrero-Waldner said on Monday that the Spanish presidency of the European Union in 2010 “should be a good moment and opportunity” to resume the stalled discussions of the European block with Mercosur.
Private analysts and government officials believe there are signs the worst impacts of the global crisis on the Uruguayan economy are moderating. The Leader Index from the local domestic economics analysis think-tank Ceres, last May stabilized after having fallen for seven months running.
Former Uruguayan football star and coach Hugo de León has been nominated as vice president candidate for the opposition junior partner Colorado party. He will second presidential candidate Pedro Bordaberry.
Uruguay is considering what steps to follow given Brazil’s long delay in extending import licences for Uruguayan dairy produce. An estimated 10.000 tons have been ready for shipping for over two months but there has been no reply from Brazilian trade officials.