▁CON ME B OL ' s ▁big ▁three : ▁Argentina , ▁Uruguay ▁and ▁Brazil . ▁ ▁However , ▁Par agu ay ' s ▁most ▁successful ▁era ▁continent ally ▁was ▁in ▁the ▁late ▁ 1 9 4 0 s ▁cul min ating ▁in ▁their ▁first ▁tournament ▁victory ▁in ▁ 1 9 5 3 ▁while ▁in ▁recent ▁dec ades ▁Par agu ay ▁produced ▁medi oc re ▁results . ▁Even ▁the ▁' G old en ▁Generation ', ▁which ▁contin ually ▁qualified ▁and ▁produced ▁good ▁results ▁at ▁the ▁FIFA ▁World ▁Cu ps ▁from ▁ 1 9 9 8 – 2 0 1 0 , ▁never ▁advanced ▁beyond ▁the ▁quarter - final s ▁at ▁a ▁Copa ▁América ▁until ▁reaching ▁the ▁final ▁once ▁in ▁ 2 0 1 1 . ▁ ▁Record ▁at ▁the ▁Copa ▁América ▁ ▁* ▁In cludes ▁a ▁ 2 – 2 ▁draw ▁awarded ▁to ▁Peru . ▁** ▁Draw s ▁include ▁matches ▁decided ▁on ▁pen alt ies . ▁ ▁Win ning ▁Tourn aments ▁▁ 1 9 5 3 ▁South ▁American ▁Championship ▁ ▁After ▁coach ▁Manuel ▁Fle itas ▁Sol ich ▁took ▁charge ▁of ▁the ▁Par agu ay an ▁national ▁team ▁in ▁ 1 9 4 7 , ▁he ▁developed ▁an ▁already ▁skill ful ▁team ▁into ▁title ▁contest ants . ▁In ▁ 1 9 4 7 ▁and ▁ 1 9 4 9 , ▁Los ▁Gu aran í es ▁were ▁consecutive ▁vice - ch amp ions . ▁ ▁In ▁ 1 9 4 9 ▁and ▁ 1 9 5 3 ▁Par agu ay ▁was ▁in ▁the ▁same ▁situation ▁before