Word: frondizi
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...back into the hands of a constitutional President. In Buenos Aires' Chamber of Deputies, courtly, white-haired Dr. Arturo Umberto Illia, 63, took the oath of office as Argentina's 29th President, ending 18 months of military-dominated government that began with the overthrow of President Arturo Frondizi...
Last week on the day of the electoral college vote, the Buenos Aires Stock Exchange posted its biggest trading day in history. Soon after, the government arranged to release 350 political and labor union prisoners, and even freed deposed President Frondizi from house arrest...
When he dons the sash of office Oct. 12, Illía promises an Argentina-first policy, renegotiating the contro versial foreign oil contracts made by Frondizi (see WORLD BUSINESS) and re-examining Argentina's monetary poli cies, now closely hewing to the austere line of the International Monetary Fund...
...Argentines talk heatedly about oil. At one time, in a burst of nationalist fervor, foreign firms were forbidden from prospecting-only to have the government monopoly (Y.P.F.) do so poorly that most of Argentina's unfavorable trade balance came from importing oil. President Arturo Frondizi allowed foreign oilmen back in 1958. They have saved the nation some $170 million a year in imports by more than doubling oil production to 96 million bbl. annually. But there is also a feeling among many local Latins that contracts with foreign oilmen are too generous...
...case against the contracts is that Frondizi was in such a rush to expand oil output that he signed some sour deals and brushed aside legal niceties. His legislature never ratified the contracts, which oblige Y.P.F. to buy the oil that the foreign contractors produce. Critics also argue that Y.P.F.'s deals involved excessive prices...