luation of the real then in Argentina in 2002, caused a severe recession—the economy contracted by 11%, unemployment climbed to 21% and the percentage of Uruguayans in poverty rose to over 30%.
In 2004, Uruguayans elected Tabaré Vázquez as president, while giving the Broad Front a majority in both houses of Parliament. Vázquez stuck to economic orthodoxy. As commodity prices soared and the economy recoiled from recession, he tripled foreign investment, cut poverty and unemployment, cut public debt from 79% of GDP to 60% and kept inflation steady.
In 2009, José Mujica, a former left-wing militant who spent almost 15 years in prison during the country's military rule, emerged as the new President as the Broad Front won the election for a second time
