Word: frondizi
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...President of Argentina was to have been overthrown at 7 a.m. on June 19. Distrustful anti-Peronista military men, who cannot forget that Arturo Frondizi took Peronista votes to get elected last year, were determined to oust him. The fact that he now espouses austere anti-Peronista economics made them the more doubtful; to the military that looked devious. The plotters underestimated Frondizi. Last week he was still in office with a strong new Cabinet, and most of the plotters were in hiding...
When austerity-minded President Arturo Frondizi predicted last January that "a lowering of the standard of living is inevitable," the warning could hardly be heard for the sounds of high living. Over street fires, outdoor laborers at noonday broiled tender chunks of marbled beef that cost 8? a pound; white-collar workers lunched in restaurants on 17? beefsteaks so large they overlapped the dinner plates. Sundays brought an outdoor churrasco (barbecue) that began with meaty ravioli, went on to beef broiled over a pit fire...
Giving up Comforts. In less than six months, Frondizi's austerity has turned from vague phrase into dinner-table reality. Headlined Noticias Gráficas: DISASTER HITS ARGENTINE TABLE. "Commodities that were never missing from tables of the most modest homes," the paper said, "are now fast disappearing, such as wine, butter and the classic Argentine barbecue. How far can a meager family income...
Getting Results. Frondizi's plan to force Argentina to live within its means -by removing price subsidies from food, freeing foreign trade, freeing the artificially pegged peso to find its real level-has ended what used to be one of the most comfortable ways of life in the world. With prices rising, beef consumption is down 40%, capital district retail sales 60%, attendance at movies 20%, attendance at soccer games and horse races 25%. Even the rate of marriages has fallen 13% because of higher costs of setting up a household. The need for dollars to buy U.S. capital...
...Frondizi's only dependable ally is the armed forces, and he takes care to cultivate them. Lieut. General Héctor Solanas Pacheco, the War Minister, operates as the army's man in the Cabinet, and is rated as its most important member. Frondizi says he needs two years before the benefits of his reforms abate his unpopularity. He counts on force to secure those two years...