Word: frondizi
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...factories, move trains, heat homes, cook food. An estimated 2.3 billion-bbl. oil reserve lies underground, but the government oil monopoly, Y.P.F., has only enough resources to produce 35% of the country's requirements. Dollar-short Argentina spent more than $300 million last year to import the rest. Frondizi saw only one solution. Risking the wrath of nationalistic Peronistas (and nationalists in his own Radical Party), he negotiated $1 billion worth of development contracts with foreign oil companies, mostly from the U.S. (TIME, Aug. 4). Signed up were Pan American International Oil Co., Union Oil Co., Lane-Wells...
Carrots v. Stick. At first, the nationalists appeared to accept the contracts. Frondizi in turn went out of his way to be nice to Peronistas, granting them amnesty, restoring confiscated property, allowing them to hold control of the labor movement under a plan drawn up by his Economic and ' Social Affairs Secretary, Rogelio Frigerio. A few rumbles came from within the Radical Party, notably from Frondizi's Vice President. Alejandro Gomez, but they sounded minor...
Argentina. A month ago, President Arturo Frondizi shattered his country's traditional go-it-alone oil policy by announcing that nearly $1 billion worth of oil development contracts were closed or nearly closed with a long list of foreign oil companies and investors. Argentina has an estimated 2.3 billion bbl. of oil in underground reserves, but snail-slow development forces the country to spend about $300 million a year for imported petroleum and petroleum products...
...means so much Peronism. In the days of the dictatorship, the C.G.T. was run from top to bottom by Peronistas, and the rank and file still remember the lavish raises and featherbedding privileges that the Peronista leaders won. Even during the days of the provisional military regime that preceded Frondizi, the Peronistas held on to control of many unions. They now boss 90, including the powerful meat packers, streetcar workers and textile workers. In the new elections they will probably take over most of the 26 unions currently bossed by anti-Peronistas and the 22 unions now run by Communists...
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...