Word: frondizi
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...most sacrosanct of Latin American sacred cows is state control of production and processing of such fundamental resources as petroleum. Last week Argentina's President Arturo Frondizi,who is not bullied by sacred cows, took pen in hand and signed a $90 million deal whereby two U.S. companies and one British firm will build Argentina's first petrochemical plants to produce synthetic rubber and industrial chemicals. In many Latin lands, such action would have brought out the mobs to smash windows and shout "Yankee, no!" In Argentina, conditioned by three years of watching Frondizi leap from crisis...
Disillusioned Daughter. One factor in Frondizi's favor is his obvious dedication to the immense job of clearing away the economic and political wreckage left by 9½ years of Dictator Juan Perón. To get himself elected in 1958, Frondizi wooed the votes of both the nationalists and Perón's still-loyal masses, who believed in big government and big giveaways. Once in office, Frondizi decided that only austerity and a sizable injection of foreign capital could save Argentina. He then coolly sought the backing of the bitterly anti-Perón armed forces...
Deliberately turning his back on his supporters, Frondizi refused to legalize the Peronistas as a political party, outlawed the Communists, clamped down on the Castroites. He violated every nationalistic precept by dealing with foreign oil companies to develop Argentina's state-owned oilfields, a task the oilmen proceeded to work at so diligently that Argentina expects to turn from an importer to an exporter of oil this year. He let foreign power companies expand Argentine electric power production, threw open the nation's iron-ore beds to overseas investors...
Inevitably, Frondizi faced crisis after crisis-either from the street or from Argentina's military brass, increasingly aware of Frondizi's dependence on them. Street cries he met with strength; military ultimatums he usually satisfied by allowing an incumbent army Minister to be replaced by the armed forces' favorite of the moment. His friends turned away, repelled by his pragmatic acceptance of government by wiggle, dodge and compromise; his own daughter, convinced that he had jettisoned all principle, moved out of his house. The popular vote of 4,100,000 that carried him to office...
...Argentina, the government felt called upon to deny that it was breaking with Cuba-a gesture that did not conceal the anger of President Arturo Frondizi (once called a "viscous blob of human excrescences" by Cuban Foreign Minister Roa) over a new Castro-Communist campaign in Argentina to raise "10,000 volunteers to fight to defend Cuba." Across the Rio Plata in Uruguay, beset by labor troubles and riots. President Benito Nardone pointed up the undercover organizing work of Castro's ambassador by calling openly for a break with Castro. Colombia and Bolivia have quietly sent home the ambassadors...