Word: argentina
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With control of the C.G.T.'s national machinery and most of the member unions, Peronism will have its old mass organization intact. But Frondizi has shown no intention of letting Perón himself return to Argentina. In his delicate, dangerous balancing act, the left-of-center President has allowed Peronism to rebuild itself as a counterweight to the conservative army and business elements. Now he must endure the kind of greedy heckling at which Peronistas excel...
...News of Argentina's $1 billion worth of development contracts with foreign oil companies (TIME, Aug. 4) last week forced Brazilians to take a hard look at their own government oil monopoly, Petrobras. President Juscelino Kubitschek called the Argentine contracts "fabulous." Then he added pointedly: "Petrobras will be maintained, but any program to increase oil production well be wea received in Brazil...
President Arturo Frondizi sat in a gilded chair in the Casa Rosada one evening las,t week and nervously slaughtered one of the oldest sacred cows in Argentine political life. He reported that he had abandoned Argentina's long-revered nationalistic policy of going it entirely alone in oil development. He had closed or was about to close nearly $1 billion worth of contracts with foreign oil companies...
Frondizi first outlined the present gloomy situation, in which Y.P.F., the government oil monopoly, produces only 35% of the country's annual needs. Although reserves are estimated at 2.3 billion bbl., Argentina is forced to import about $300 million worth of petroleum products a year-a sum roughly equal to the 1957 trade deficit. The President then listed the precedent-shattering development arrangements with foreign companies. The main deals...
...Furthermore," added the President, "this very evening, two hours ago, the Soviet ambassador brought me an offer from his government to sell Argentina $100 million worth of equipment, taking raw materials as payment...