Uruguay. According to Countryaah.com, Uruguay Independence Day is August 25. The year was dominated by the aftermath of the severe economic crisis in 2002, which was the result of the crisis in Argentina. However, Uruguay was considered to have escaped the “Argentine infection” quite well. But 2003 became the fifth consecutive year of economic recession and the economy was expected to shrink, although modest growth was recorded for the first quarter and the government declared that the worst phase of the crisis was over.
Yet in March, however, four banks were in danger when cash withdrawals suddenly increased dramatically again and the government was forced to introduce four days of closure of the banks. Negotiations with the International Monetary Fund (IMF) on the restructuring of Uruguay’s loans after the banking crisis, where public debt amounts to $ 5.3 billion, yielded results in February.
Finance Minister Alejandro Atchugarry explained that it meant a fresh start for credit flow to Uruguay and a support for the country’s quest to rebuild its once-solid financial reputation and that Uruguay’s debt situation is now manageable.
Uruguay – Montevideo
Montevideʹo, capital of Uruguay; 1. 3 million residents (2012). Montevideo, located on the northern coast of Río de la Plata, is Uruguay’s most dominant center. The city houses about half of the country’s population within its metropolitan area and accounts for the majority of industrial production. Agricultural products are mainly processed, and Montevideo has many large slaughterhouses, cold stores and canning factories. Furthermore, there are leather, textile and metal industries as well as oil refineries and cement factories. Montevideo is a hub for the country’s communications and has a large port, which is important for the country’s foreign trade and fishing. The international airport, Carrasco, is located just east of the city. Almost all higher education in Uruguay is located in Montevideo, which among other things. has two universities and several colleges.
Montevideo was built by the Spaniards in 1726 and became the capital of Uruguay in 1828. In 1836 mass immigration began, and the city’s growth started in earnest. During the Civil War of 1839–51, Montevideo was subject to a long-standing blockade.