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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...
...economy was that the moneyed U.S. farmer was fast becoming a pillar of strength, buying and consuming with rare power to pick up the slack from other social groups. To many a businessman, the strongest market of 1958 is the farm market-the equivalent of discovering a rich, import-hungry foreign country. In Bloomington, Ill. Sears, Roebuck reports that its trucks go out loaded with freezers, ranges and refrigerators; on R.D.S. routes freezer sales alone are running 50% ahead of last year. Nor are appliances the only things that farmers want. With cash in his jeans, the U.S. farmer...
Some foreign investors feel that the insurance, although relatively inexpensive, costs more than it is worth. Others complain of difficulty in getting speedy approval from foreign governments, which can delay a policy for months with red tape. One important drawback is that the guaranty program does not insure against devaluation, by which a nation can halve the value of its currency-and a firm's profits. Nor does it protect against sudden policy shifts, involving unfair import quotas, unfavorable exchange rates, discriminatory tax and wage laws or even government-inspired labor unrest...
...import restrictions: heavily criticized in Canada, the restrictions were aimed to strengthen the U.S.'s defenses by encouraging domestic exploration for oil, were drafted to minimize their effect on Canada (other U.S. officials said that quotas have had no effect on Canadian oil sales...
Brazil is a case in point. Brazil got into a fiscal mess with inflationary policies, and did little to reform because officials thought they could always count on the U.S. Export-Import Bank for loans. Eventually, after 63 authorized loans totaling $656 million, Brazil had to go to the Monetary Fund. There a coolly competent professional international staff delivered a stern lecture, exacted a promise of reform, gave a small drawing account of $37.5 million in the hope that Brazil would go and sin no more. If Brazil had had to take this lecture from the U.S., the howl...