Weekly Report - 10 November 2011 (WR-11-45)

French President Nicolas Sarkozy caused a major stir among Uruguay’s political class this week by branding Uruguay one of a dozen countries that the international community should shun as “tax havens”. Sarkozy’s comments during the G20 summit in Cannes triggered an angry reaction from Uruguay’s economy minister, Fernando Lorenzo, who expressed “surprise” and “indignation”, but the diplomatic spat with a distant trading partner threatened to cause far more damaging repercussions when the opposition Partido Nacional (PN, Blancos) and Partido Colorado (PC) blamed Argentina. President José Mujica denied his Argentine peer Cristina Fernández was behind Sarkozy’s comments, but Argentina did support the G20’s hard line on tax havens.

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