The Oriental Republic of Uruguay (so called because of its location on the east bank of the Uruguay River) is situated on the Atlantic coast of South America between Argentina and Brazil. This most advanced of South American countries has an area of 68,536 sq. mi. (176,220 sq. km.) and a population of 3.27 million. Capital: Montevideo. Uruguay?s chief economic assets is its rich, rolling grassy plains. Meat, wool, hides and skins are exported. ,Uruguay was discovered in 1516 by Juan Diaz de Solis, a Spaniard, but settled by the Portuguese who founded Colonia in 1680. Spain contested Portuguese possession and, after a long struggle, gained control of the country in 17778. During general possession and, after a long independence, Uruguay?s first attempt was led by gaucho solider Jose Gervasio Artigas leading the Banda Oriental which was quelled by Spanish and Portuguese forces in 1811. The armistice was soon broken and Argentine forces from Buenos Aires cast off the Spanish bond in the Plata region in 1814, only to be reconquered by the Portuguese from Brazil in the struggle of 1816-20. Revolt flared anew in 1825 and independence was reasserted in 1828 with the help of Argentina. The Uruguayan Republic was established in 1830.,, ,In 1919, a new constitution established a plural executive, but this was abolished in 1933. A presidential government existed from 1933 to 1951 at which time a collective form of leadership was formed through 1966. Strikes and riots in the 1960?s brought the military to power until 1945 when Julio Maria Sanguinetti established a government of national unity.,, Monetary System:,,, ,1 Petacon = 960 Reis,, ,1 Peso = 8 Reales to 1860,, ,1 Peso = 100 Centesimos, 1860-1975,, ,1 Doblon = 10 Pesos, 1860-1875,, ,1 Nuevo Peso = 1000 Old Pesos, 1975-1993,, ,1 Peso Uruguayo = 1000 Nuevo Pesos, 1996-,,