ARGENTINA: Spartan Out

President Agustin P. Justo last week was like an Argentine juggler adroitly balancing on his head a hamper full of snarling tomcats.

The tomcats were the Argentine Cabinet, fuming over whether Finance Minister Alberto Hueyo should be allowed to continue the Spartan policy he announced 18 months ago: "No moratorium, no waste, no inflation!"

To Senor Hueyo, schooled under English financiers, these policies are axioms of sound treasury finance. "Now that the dollar has fallen [more than 30%]," he recently declared, "we can definitely continue to meet our foreign obligations''—mostly in dollars.


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