Word: argentina
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...whole country seemed to breathe a sigh of relief. In three jammed galleries of Buenos Aires' red-and-gold Chamber of Deputies, spectators embraced, cheered, waved handkerchiefs, then spontaneously broke into Argentina's national anthem. The capital's vote was in, and a few hours later, countrywide returns made it official: Dr. Arturo Umberto Illía, 63, was Argentina's new President-elect, after polling 270 electoral votes-31 more than the majority he needed. Finally, it seemed, Argentina was a nation again...
...hair a stately white, his face deeply lined, Illia personifies almost everything that Argentina craves and lacks -maturity and stability. Ever since the military ousted President Arturo Frondizi in March 1962, the rich land of grain and beef has drifted from crisis to crisis and from military faction to military faction, amid needless inflation, trade deficits and an eroding peso. Just before last month's twice-delayed popular elections finally came up, there were strong fears that the military would annul the result to prevent followers of the exiled Dictator Juan Perón from returning to power through...
...election seemed to confirm that for Argentina in the near future the worst was over. Foreign commerce is picking up, the peso is rallying, and the cost-of-living curve is flattening...
When he dons the sash of office Oct. 12, Illía promises an Argentina-first policy, renegotiating the contro versial foreign oil contracts made by Frondizi (see WORLD BUSINESS) and re-examining Argentina's monetary poli cies, now closely hewing to the austere line of the International Monetary Fund...
...thought of oil usually conjures up visions of Texas spindletops and the sands of remote sheikdoms of Arabia. But nowhere is there more drilling than in Argentina, where half the land has oil potential and almost 1,800 wells have been sunk in the past five years...