Word: eca
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British and other nondollar traders cheered what amounted-for them-to a 20% drop in Argentine prices. ECA officials, glad to see European countries get any kind of a break, agreed that the decrees were "a step in the right direction." But they scoffed at the Buenos Aires story that it was part of a big deal that would shoot ECA dollars into Argentina. That still waited for: 1) lower Argentine wheat and meat prices; 2) Argentine willingness to pay at least part of the estimated $475 million now owing to U.S. firms...
...President Perón's advisers had hoped that the decrees would get quick dollar relief via ECA, they got a rude shock at week's end. In Washington ECA published its biggest shopping list so far for Latin America. Heading the list was Chile, due to get $12,619,000 for copper and nitrogen fertilizer for Italy, France, Britain and The Netherlands. Mexico would receive $4,000,000 for corned beef for Germany, Venezuela $12 million for petroleum products for Europe. All told, the list totted up to $32,355,398. Argentina was not even...
Steelmen, who were just about to launch a voluntary allocations plan of their own, feared that if the military got all it wanted, ECA and other vital civilian programs would suffer and the "nonessential" users of hard-to-get steel would starve. Despite White House assurance that the law would not be used recklessly, George A. Renard, executive secretary of the National Association of Purchasing Agents, protested that it opened a "Pandora's box of controls." Mindful of the wartime jungle of red tape, one manufacturer fervently prayed that "every second lieutenant in the armed forces would not slap...
Just to make the picture clear where it counted, ECA sent ex-Assistant Secretary of the Navy H. Struve Hensel down to Buenos Aires (with his bride-his second) to pass the word to Juan Perón & Co. "Why should we pour dollars down here," he asked Argentines, "for something we can buy cheaper elsewhere...
...that mean that ECA wanted none of the grain from bulging River Plate elevators? Not exactly, answered Hensel, but Argentina would have to "go out and get the market"-i.e., bargain with the U.S. ECA's terms: 1) no more price-gouging (Eire recently paid $6.85 a bushel for Argentine wheat-July futures at Chicago are now $2.31); 2) no more state trading practices such as have throttled U.S. business firms in Argentina; 3) a pledge that Argentina will underwrite some of the costs of feeding Europe...