A Chance at Redemption

A Chance at Redemption

Corporate & Sovereign Strategy

Uruguay is hardly any better off today than it was three months ago, when a bond restructuring fended off a potentially catastrophic default. The economy probably won't grow at all this year and with a small industrial sector to propel a recovery from a four-year recession, the outlook is bleak. The currency has collapsed since the government floated the peso in June 2002, while salaries have remained unchanged. Domestic consumption, already down 22% since 1998, is expected to continue declining this year. A rebound in exports, which are growing at a rate of 20%, should soften the blow but investment remains depressed, at ar

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