Stronger Relationship With Argentina

Further progress to bolster bilateral relations between Uruguay and Argentina has been made, following the fourth meeting in three months of their respective presidents, José Mujica and Cristina Fernández. An agreement made on the dual-ownership of the Punta del Tigre LNG regasification plant, along with commitment to resolve issues regarding their shared rivers should contribute to alleviating recent diplomatic tensions. With a fifth meeting scheduled for August that will continue negotiations on additional economic and political matters, we expect an overall improvement in relations with Argentina, which bodes well for the external component of Uruguay's political risk rating going forward.

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