URUGUAY’S TRANSFORMATION IN 2003 from pariah to economic miracle was the result of the hard work of many people and organizations.
President Jorge Batlle deserves a huge amount of the credit – not least for hiring an extraordinarily competent economic team and then shielding them from political interference.
The Washington crowd deserves praise too. Batlle is no fan of the IMF, but when the Fund finally signed on to Uruguay’s plans, it did so wholeheartedly.
Then, when Uruguay found itself having to go to the international capital markets to restructure all its bonds, it got flawless execution from its advisers at Citigroup and law firm Cleary, Gottlieb, Steen & Hamilton.
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