Wealthy argentines know and love Uruguay mainly because they like to summer in Punta del Este, aka, the Hamptons of South America. I am not saying that Punta del Este is not worth visiting. It is. But Argentines have always treated Uruguay as "another state of Argentina", the "ugly step sister", or the small little sleepy neighbor, nothing to write home about except its Summer resorts.
While Argentines were busy criticizing the sleeping beauty to the East, it was all the while enriching itself with Argentine capital flows, rebuilding its economy, and taking its just place in the map of South America.
Last week, Uruguay was returned to investment grade, BBB- ,with a stable outlook.
