Brazilian real
Batlle's five-year term was marked by economic recession and uncertainty, first with the 1999 devaluation of the Brazilian real, then with the outbreaks of foot-and-mouth disease (aftosa) in Uruguay's key beef sector in 2001, and finally with the political and economic collapse of Argentina. Unemployment rose to close to twenty percent, real wages fell, the peso was devalued and the percentage of Uruguayans in poverty reached almost forty percent.