As its latest move to ease one of the worst financial crises in Argentine history (TIME, May 31), the dollar-short Perón government last week cut the official base value of the peso from 4 to 4.86 to the dollar. (On the black market it went to 6.65.)
British and other nondollar traders cheered what amounted—for them—to a 20% drop in Argentine prices. ECA officials, glad to see European countries get any kind of a break, agreed that the decrees were "a step in the right direction." But they scoffed at the Buenos Aires...