Word: argentina
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...Europe's war-torn farmlands came back into production, world commodity prices fell. LAPI's income tumbled. Perón had to dip into Argentina's gold and foreign-exchange reserves, a fabulous $1.6 billion piled up during the war, to pay for the raw materials that the new industry was gobbling up. Next, he set the Central Bank's currency printing presses to work. In the chain breakdown...
Aramburu and Rojas brought the rudder back from right to dead ahead, and got on with their mission. The government restored the U.S.-style constitution that had served, until Peron emasculated it, since 1853. The regime wiped Peron's name from public display in Argentina, except for curbstone scribblings and his father's tomb. An expedition was sent up Aconcagua, the Hemisphere's highest (alt. 22,835 ft.) mountain, to topple a bust of the dictator. A team of clerks screened thousands of references to his name from the Buenos Aires telephone book-but recently discovered that...
...animal breeding zoomed. The cattle population is up from a low of 40 million to 49 million, i.e., 2½ head for every Argentine v. one-half in the U.S. This year's wheat harvest was 36% greater than last year's. Exports poured out, earned Argentina $944 million in 1956 v. $928 million in Perón's last year...
Checking the urge to buy foreign luxuries, the new regime confined its imports chiefly to essentials, raw materials for the industrial machine unwillingly inherited but impossible to shut down. Despite austerity, purchases last year cost $184 million more than Argentina's foreign sales brought in. That left not a centavo to spare for catching up on power and fuel needs. Both were jobs that private foreign capital, if welcomed, would like to try. But Aramburu, feeling the hot breath of prideful nationalism, has not given the invitation. The $500 million, U.S.-owned American & Foreign Power Co. Inc. offered last...
Nowhere does emotion defy statistics more than in the case of oil. Argentina has reserves estimated at 882 million bbl., yet last year it paid out $220 million, a sum greater than its foreign-trade loss, to import oil from Venezuela and elsewhere. The Suez crisis cost the country a cruel $100 million in higher crude prices and freights. Foreign oil companies would get the oil out of the ground or spend millions in Argentina trying. Instead, oil-is-ours nationalism assigns petroleum development to the capital-short, bureaucratic Y.P.F...