After referendum, Uruguay set to keep investor-friendly legal reforms

Uruguayans voted [27 March] to uphold more than 100 legal changes introduced by President Luis Lacalle Pou in a referendum that could help his government implement more market-friendly reforms. The “no” vote to maintain intact Lacalle Pou’s 2020 flagship omnibus law, including limits on the right to strike and curbs on the government’s ability to run deficits, had 47.3% of total votes with all precincts reporting, according to preliminary results published by the Electoral Court.  The “yes” vote to repeal 135 articles of the law was trailing with 46.3%. Blank ballots that are assigned to the “no” column totaled almost 1.3% of the vote.  Speaking in a press conference [...], Lacalle Pou said his government will focus on its policy agenda that includes overhauling the pension system, trade deals and addressing high inflation. [...] Referendum backers campaigned against the law saying it undermines one of Latin America’s strongest welfare states, erodes labor rights and promotes police brutality. The ruling coalition said the reforms are essential to fight crime and maintain healthy public finances.
Read the full article here: Bloomberg