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World Financial Slowdown
| World Financial Slowdown So, I'm wondering if and how the current world financial mess is playing out in Uruguay. Is unemployment increasing, people not buying products other than essentials, credit markets tightening and anxiety getting higher? |
| Just a bump to get a response. Thanks |
| The strangest part is the US dollar was down to about 18 pesos... not its up to over 23... |
| Thank you Lee. Yes, the dollar is up against most other currency. My wife, the financial genius in the family, tells me that is because foreign governments are buying dollars instead of other currencies. What I's wondering is if Uruguay is also suffering higher unemployment and a tight credit market? Is there a Uruguayan stock market and if so, how well is it doing? |
| Many specialists and economists has foretold that it is going to be a tough times for other countries' economy this year but as the new president of the United States of America being inaugurated and assumes power, there are high hopes that the economy will stabilize once more. |
Comment #503/12/09 19:30Rural east Colonia departmento | It is hard to predict what will happen as Uruguay has a very strange Alice-in-Wonderland economy. So far the visible effects of the recession are hard to see. The two biggest differences between northern economies and the ROU are first of all the permanent lack of credit facilities available for most people and second, the very large state controlled sector where prices and employment levels can be decided by the government. An example... if unemployment looks bad, UTE (the electricity monopoly) can employ an extra few thousand people and get the electricity customers to pay for them. Added to this, worried rich people from Argentina tend to stash their surplus dollars here and because of the current miserable interest rates, many are putting this cash into Uruguayan property as it offers a better return. Sad to say I lack a crystal ball so all anyone can say is so far so not-too-bad :-) Patrick |
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