URUGUAY

The Uruguayan government issued a formal complaint against recent remarks by French President Nicolas Sarkozy's at a G20 meeting in Cannes that Uruguay should be isolated because "it is a tax haven." While Uruguay's reaction won backing from Brazil and Mexico, the country continued to face criticism from Argentina, one of the first to challenge Montevideo on grounds of poor transparency in tax information exchanges. We believe a swift approval of fiscal cooperation agreements between Uruguay and its key international partners will help the country move past the current controversies.

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