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The money network:

The money network:

Why crowdfunding threatens traditional bank lending

September 2005

Uruguay: Market gives new leftist coalition seal of approval

by Felix Salmon

Finance minister says the government is will keep the purse strings tight as it reforms taxation, banking regulation and bankruptcy law


Sometimes the left can be so unpredictable. When Tabaré Vázquez was overwhelmingly elected president of Uruguay in November, many analysts feared the worst. He had broken decades of comfortable two-party rule in the country, and had done so by leading an avowedly socialist coalition including communists and former Tupamaros guerrillas. What's more, he had a strong mandate, after garnering more than 50% of the vote in the first round of a three-way race. But since taking power in March, Vázquez and finance minister Danilo Astori have turned out to be the leaders of one...


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