Argentina: Triumph for Nationalism

First Peru struck at foreign oilmen, and now it was Argentina's turn. After a week of indecision, newly inaugurated President Arturo Illia finally bowed to nationalist pressure and signed a series of decrees annulling as illegal 13 contracts with private companies in Argentina — nine from the U.S.* For Argentina's noisy nationalists, the cancellation was a rousing triumph; for the U.S., whose oilmen have $237 million in vested in the country's oil development, it was a setback that could seriously impair U.S. relations with Argentina's new government.

Too Much Oil. The contracts,...

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