Word: frondizi
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...Argentine Senate, whose every seat is held by President Arturo Frondizi's Intransigent Radicals, rubber-stamped the President's sweeping labor code one day last week, and the way was left clear for followers of ex-Dictator Juan Perón to recapture their old stronghold of power, the 3,000,000-member General Confederation of Labor (C.G.T.). Despite strong opposition from business groups, the Roman Catholic Church and most of the press, another of Frondizi's vote-getting promises to the Peronistas was thus made good...
...bill, rammed through the Chamber of Deputies two weeks earlier by the government's two-thirds majority, is admirably democratic in form. It requires Frondizi to name government administrators, who must hold free elections of officers in each of the C.G.T.'s 138 member unions within 90 days. Unions recognized by the Labor Ministry will get tax exemptions, exclusive bargaining rights in their fields and compulsory checkoff of dues. Charges of unfair labor practices will be ruled on by a government board...
President Arturo Frondizi sat in a gilded chair in the Casa Rosada one evening las,t week and nervously slaughtered one of the oldest sacred cows in Argentine political life. He reported that he had abandoned Argentina's long-revered nationalistic policy of going it entirely alone in oil development. He had closed or was about to close nearly $1 billion worth of contracts with foreign oil companies...
...Frondizi first outlined the present gloomy situation, in which Y.P.F., the government oil monopoly, produces only 35% of the country's annual needs. Although reserves are estimated at 2.3 billion bbl., Argentina is forced to import about $300 million worth of petroleum products a year-a sum roughly equal to the 1957 trade deficit. The President then listed the precedent-shattering development arrangements with foreign companies. The main deals...
Outside, as Frondizi finished, Buenos Aires police were tensed for street riots. But the expected demonstrations never began. "Apparently," said one pleased Argentine banker, "the Argentine people show a lot more sense than many of their leaders...