Argentina: The Armor-Plated Hare

When he succeeded in a military coup last June, General Juan Carlos Ongania's prize was a government with a budget deficit of about $800 million. He won possession of a national oil company so overburdened with incompetent politicians that Argentina was importing the fuel for the first time in a decade. He was boss of government-owned railroads with so much obsolete equipment and featherbedding that they were costing taxpayers $1,000,000 a day. Also in the package was a seaport complex that had been idled by strikes for a total of 85 days the year before. For a start, he...

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