ARGENTINA: Austerity for Dinner

When austerity-minded President Arturo Frondizi predicted last January that "a lowering of the standard of living is inevitable," the warning could hardly be heard for the sounds of high living. Over street fires, outdoor laborers at noonday broiled tender chunks of marbled beef that cost 8¢ a pound; white-collar workers lunched in restaurants on 17¢ beefsteaks so large they overlapped the dinner plates. Sundays brought an outdoor churrasco (barbecue) that began with meaty ravioli, went on to beef broiled over a pit fire.

Now Argentina, intent on curing its economic ills, needs...

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