Uruguay Battles Brazil on the Futbol Field

This week in Montevideo was The Big Game. Uruguay met Brazil on the Futbol (soccer) field.

You already know that latinos excel when it comes to celebrating a holiday. They have their priorities in place and holidays are right up there at the top.

Stores close for all kinds of reasons anyway. Once when we were visiting a couple here in this part of the world, she closed down her clothing store because we were there. I said, "But can you do that? What about your customers?"

To which she replied, "It´s my store. I can close it if I want to!" I guess she was right. And you will find that she isn´t the only storekeeper that closes if she wants to.

When you are an expat in this part of the world, holidays often sneak up on you and catch you unawares. But we were not prepared for the city to shut down just because their team was playing soccer. I was warned that I could expect not many people or traffic on the street because most would be either at the stadium, gathered in homes in front of the TV, or at a sports bar.

But the day started out like any other day. Traffic in the streets was about the same and people rushing about, as always. But along about noon all that visibly started to change. Doors were being locked as each customer left the store and finally the metal grillwork was rolled down over the glass in one store after another.

About an hour later the streets were relatively quiet and there were few pedestrians. A few people were still out and about and if they came into the hotel you would hear them ask "What´s the score?"

One more reason for a holiday in Uruguay.

And the score? Brazil 4 - Uruguay 0

© Arlean Kelley 03/11/2009 All rights reserved.

Please feel free to send any questions. We will answer in the blog or write or call you directly. If you click on the comments line below you can write comments for all to see. Contributions from other expats living in Latin America are encouraged. They are, of course, subject to editing.

Montevideo Stock Exchange

Bolsa de Valores de Montevideo

Uruguay does indeed have its own stock exchange, located in the Ciudad Vieja--the Old City--in Montevideo. The exchange itself handles only bonds and Uruguay companies. But if you ask at the Bolsa de Valores, they will give you a very long list of stock brokers in the city.

Or you can get the list from me.

We visited one broker on the list who also handled only bonds, but who underlined, on our list, the stock brokers that he knows and recommends who do handle stocks for their clients. A visit to one of them provided the following information.

Gaston Bengochea & CIA can buy shares for you in major markets of the world. They do work with Mellon Bank in Pittsburgh, Pennsylvania, through Merrill Lynch--however you happen to feel about that at this point.

They can hold your account there in the name of the brokerage, or designated in your own name, as you prefer. Or they can set up a custodian account for you in their commercial bank here in Montevideo. They do not provide stock certificates but hold all stocks in electronic form, but they can sell your stock certificates if you are now holding them.

They also volunteered an alternative custodian in place of Merrill Lynch. It is the Julius Baer Group, a Swiss "boutique" bank that they have researched and recommend. Julius Baer requires a minimum of $500,000. A little rich for the blood of some of us but the option is there if you are interested and qualify.

Of course there are other Swiss banks that have a lower minimum and will buy stocks directly for you on many exchanges, if that is what you are after. However, if you are a U.S. citizen, some of the banks that we know of will buy shares of foreign companies for you (Canada, Brazil, Asia, etc.) but will not buy U.S. shares. I am sure they would like to but they feel that they avoid a lot of problems by just saying no.

If you have questions, please don´t hesitate to email us.

© Arlean Kelley 03/11/2009 All rights reserved.

Please feel free to send any questions. We will answer in the blog or write or call you directly. If you click on the comments line below you can write comments for all to see. Contributions from other expats living in Latin America are also encouraged. They are, of course, subject to editing.

Argentina International Analyst Offers Financial Advice

Adrian Salbuchi, Argentina International Analyst, in this video describes the global financial system as one huge Ponzi scheme. Argentina has faced inflation and devaluation of their currency in the past and some of them believe that the United States and other countries are traveling the same path that Argentines have already traveled. I don´t know if he is on target on everything but I thought what he has to say worth considering. One never knows. His advice might be helpful:

Please feel free to send any questions to us at newsfromlatinamerica@yahoo.com. We will answer in the blog or write or call you directly. If you click on the comments line below you can write comments for all to see. Article contributions from other expats living in Latin America are encouraged. They are, of course, subject to editing.