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Uruguay’s high public debt and low credit risk puzzle: ‘what you don’t see is what you get’

Despite its small size, with a population of only 3.4 million, and its geographical location, sandwiched between two giants such as Brazil and Argentina, Uruguay frequently features in the international press. These regular appearances are generally to highlight positive aspects regarding its solid institutions, its democratic credentials, its economic stability and predictability, its social protection network and its foreign policy, where Uruguay stands out as a good neighbour in the international community. […]