Word: aramayo
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...revolution threw out the "tin bar ons"-the Patino, Aramayo and Hochschild families-and nationalized the mines that provide 90% of Bolivia's exports. Under state management, however, payrolls became featherbeds and machinery wore out. The once-rich mines now lose an average $8,500,000 a year. Only lately has Comibol, the government mining company, reached an agreement with the U.S., the Inter-American Development Bank and West Germany for a $38 million modernization of the tin industry-provided Comibol reduced its padded 27,000-man payroll. Last August, when the first 1,015 workers were laid...
...that they must now import from abroad. It is the foundation of their teetering economy, source of 80% of their foreign exchange and almost half of their government revenue. And for years Bolivian tin-and Bolivia itself-has been dominated by the three expropriated companies: Patiәo, Hochschild, Aramayo...
Time to Explain. The tin decree, climaxing long years of bloody struggle, was the most important act of nationalization in Latin America since Mexico expropriated its foreign oil companies in 1938. The three nationalized companies-Patińo,* Hochschild, Aramayo-produce 72% of the country's tin. Though Bolivia now mines only 15% of the world's tin, it still accounts for virtually all that is produced in the Western Hemisphere. And tin is still backward Bolivia's one cash crop, providing 80% of the country's foreign exchange. Last week's decree...
...week's end exiled factions of both right and left were still trooping back from abroad. The staff of urbane, British-mannered tin baron Carlos Victor Aramayo came up from Argentina. Jose Antonio Arze, head of the strong P.I.R. (Leftist Revolutionary Party) arrived from Santiago. Somewhere between their two groups, Bolivians might find representative government. Promised the Junta: "We will call elections and then turn over our power to a government chosen by the people...
Patiño was last reported to be riding out the Bolivian blow in Montreal. Hochschild was rumored to be about to fly to Chile. His promise to leave Bolivia may have been the condition of his release. Only Aramayo would be left in Bolivia. Last week Señora Aramayo, her lips shut tight, arrived by plane in Buenos Aires...