Weekly Report - 10 March 2016 (WR-16-10)

URUGUAY: Ruling FA finally loses grip on slippery eel

Inflation has burst through the psychological barrier of 10%. Ever since the left-wing Frente Amplio (FA) coalition came to power in March 2005 the one economic policy objective set in stone was that inflation would not hit double digits. Former president José Mujica (2010-2015), who famously described inflation as “a slippery eel”, went as far as to say that keeping inflation beneath 10% was his government’s main goal as the consequences of failing to do so were politically unpalatable given the risk that it could pick up uncontrollable momentum thereafter. The inflationary threat explains why, despite misgivings within the FA, the coalition has not only closed ranks around its erring Vice-President Raúl Sendic but also launched an extraordinary attack on the political opposition and the media for conspiring against Uruguay’s democratic institutions.

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