URUGUAY: For Plenty or for Socialism

One evening last week 10,000 Uruguayans massed in Montevideo's Independence Square to cheer mild, stocky President Luis Batlle (pronounced Bat-zhay) Berres on his first anniversary in office. But even Uruguayans did not know whether the crowd was cheering for plenty or for socialism.

Purple Land. Uruguay is one of only two countries in South America (the other: Venezuela) which are not running out of dollars. In the first five months of this year, Uruguay ran her dollar kitty up from $32 million to $40 million. The Uruguayan peso rides steady at 1.9 to the dollar. But unlike oil-rich Venezuela, to...

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