Less Than Two Weeks Until Uruguay's Election
Updates from the international press in English
With only three weeks to go until the U.S. election, it’s easy to understand why the campaigns in Uruguay have flown under the radar. But for those interested, here is a roundup of where we stand.
“Uruguay’s Referendum Could See Retirement Age Fall to 60,” Reuters, October 11, 2024.
“Uruguay heads to the polls to vote for a new president this month, but investors have a wary eye on another ballot: a referendum to lower the retirement age in the fast-aging nation that some fear may cripple the country's finances.”
Lucinda Elliott, “Uruguay’s Leftist Presidential Frontrunner: No Plan for Tax Hikes; Focus on Growth,” Reuters, October 17, 2024.
“Uruguay's center-left presidential candidate Yamandu Orsi, the frontrunner in polls ahead of elections this month, plans to avoid unpopular tax hikes despite a growing deficit, instead looking to spur faster economic growth in the farming nation.
In his first interview with international media ahead of the Oct. 27 first-round vote, the 57-year-old former regional mayor played down fears his government would try to boost tax takings by raising levies on the rich or on companies that some fear would hit the country's investor-friendly reputation.”
“A $23 Billion Pension Vote is Overshadowing Uruguay Election,” Bloomberg, October 17, 2024.
“In Latin America’s haven for the rich, Uruguayans are about to decide whether to overhaul their social security system in a controversial $23 billion proposal that’s overshadowing the upcoming presidential election.
Voters will also select new legislators when they head to the polls Oct. 27, but it’s the push to enshrine major pension changes in the constitution that has captured the attention of everyday citizens and international markets. If approved by a majority, the measure would increase minimum payouts, lower the retirement age and transfer privately managed savings to a government-run trust.
Advocates view the plan as a way to share Uruguay’s resources more equally and justly. Opponents, including current President Luis Lacalle Pou and both of the leading candidates to succeed him, warn of the fiscal consequences. Market jitters over the vote triggered a selloff in some of the South American nation’s international bonds last month, while Uruguay’s peso notched its worst performance in a year with a 3% slide against the US dollar.”
“FA Maintains Lead for Elections in Uruguay, poll says,” Prensa Latina, October 15, 2024.
The Factum consulting firm gives the FA 44 percent, the same as in the previous survey. Its closest competitor, the ruling National Party (PN) has a vote estimate of 24 percent, a drop of three percentage points.
The Colorado Party (PC), on the other hand, increased two points and went from 15 to 17 percent. Cabildo Abierto retained four percent and the Independent Party continues with three percent, as does Identidad Soberana, which did not score in other polls.
The sum of the percentages of the parties of the governing alliance totals 48 percent, compared to 44 percent for the FA.