ARGENTINA: Policy Failure

A prime casualty of Argentina's economic crisis has been Juan Peròn's old dream of hemispheric influence and prestige. Two years ago, Peronista pesos and propaganda were potent in many parts of Latin America. Last week, with Argentina virtually broke, the grandiose hope that Peronismo could be exported, and that Argentina might lead other nations to a cozy "third position" between the U.S. and Russia, had gone glimmering. Never too much liked by her poorer neighbors, now blamed for highhandedness and unfulfilled promises, Argentina found herself without a real friend in South America.

Back in 1946-47, flush with $1.2 billion in...

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