Argentina: A Trolley Named Disaster

The Argentines last week estimated their government budget deficit for 1965 at $860 million—and that was just an optimistic guess. The actual deficit, say economists, is likely to be closer to $1 billion. Moreover, better than half of the red ink flows from a handful of state-owned enterprises that seem to succeed only in costing the country money. The state oil monopoly, Y.P.F., is expected to lose $120 million this year; millions more go for the state-run airline and merchant fleets.

The champion of them all is Argentina's nationalized railroad system. The...

Want the full story?

Subscribe Now


Get TIME the way you want it

  • One Week Digital Pass — $4.99
  • Monthly Pay-As-You-Go DIGITAL ACCESS$2.99
  • One Year ALL ACCESSJust $30!   Best Deal!
    Print Magazine + Digital Edition + Subscriber-only Content on

Learn more about the benefits of being a TIME subscriber

If you are already a subscriber sign up — registration is free!