ARGENTINA: Going for Broke

The Argentine people were prepared for the worst when President Pedro Aramburu and Finance Minister Roberto Verrier went on the air last week—and the worst is just what they got. In blunt introductory remarks, the President lambasted both "egotistical businessmen" and workers who believe "that the supreme social achievement is well-paid laziness." Then he turned the microphone over to Economist Verrier, who told the story in terms of pesos. Argentina, according to the minister's figures, is consuming and featherbedding its way to 'bankruptcy.

On the basis of current estimates, said Verrier, the...

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