BOLIVIA: Open Door

Bolivia's professorial President Victor Paz Estenssoro, struggling to rid his poverty-stricken nation of its longtime dependence on tin exports, signed a decree last week opening the way for foreign capital to come in and drill for oil. As the government's cut, the new Bolivian law demands 11% of the crude oil produced, plus 30% of net profits, plus a yearly concession tax of a few cents an acre.

Under such inviting terms, the day may be in sight when oil, already Bolivia's No. 2 export, becomes No. 1.


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