ITALY: Keep Out

The economic bloom on Italy's face was not put there by Italians alone. Uncle Sam has paid most of the doctor's bills since war's end—nearly $5 billion worth.

And what happens after U.S. aid falls off? Beneath Italian soil lies the promise of rich oil deposits, perhaps enough to fulfill Italy's own needs and to save her expensive imports. Oil is not the answer to all of Italy's economic problems, but it is a good place to make a start. The question before Premier Antonio Segni's Cabinet last week was whether to entrust the big job of finding and exploiting...

Want the full story?

Subscribe Now

Subscribe
Subscribe

Get TIME the way you want it

  • One Week Digital Pass — $4.99
  • Monthly Pay-As-You-Go DIGITAL ACCESS$2.99
  • One Year ALL ACCESSJust $30!   Best Deal!
    Print Magazine + Digital Edition + Subscriber-only Content on TIME.com

Learn more about the benefits of being a TIME subscriber

If you are already a subscriber sign up — registration is free!