There are few safe havens in the global financial crisis but with investor interest still alive, record exports and a healthy financial system, tiny Uruguay is confident it can weather the storm, even if another crisis erupts in neighbouring Argentina.

Uruguay’s financial system toppled in a domino-effect in 2002 after Argentina’s $95bn default and devaluation sparked a run on Argentine deposits in Uruguayan banks. New fears that South America’s second biggest economy could be heading for another debt crisis have sent shivers down Uruguay’s spine, especially as the world lurches towards recession and prices for Uruguay’s valuable commodities exports fall.