Ask anyone in Uruguay about the country’s banking system and they will tell you about “the crisis”.
The crisis is not the international financial collapse in 2008 nor, more recently, the Covid-19 pandemic that caused a near 6% decline in gross domestic product (GDP). It was an event two decades ago when, in 2002, Uruguay was pummelled by a crisis that began the previous year in neighbouring Argentina, spreading and wreaking havoc.
