Calculated Risk

Argentina's energetic little Finance Minister, Ramon Cereijo, bounced aboard his FAMA plane at New York's Idlewild Airport one morning last week, and flew homeward with gladsome news. Argentina had been promised $200 million in U.S. Government and private bank credits. A formal announcement was expected within a few days.

Some $125 million of the credits already had been approved by President Truman's National Advisory Council. All of that sum will go to liquidate Argentina's outstanding commercial debts and help re-establish her good credit abroad. In addition, friendly, persuasive Cereijo had got a promise of $75 million from the National City Bank and Chase National Bank of New York, and the First National Bank of Boston, to finance future purchases of badly needed farm machinery from U.S. manufacturers.

If U.S. bankers and Government officials had ever felt reluctant about extending Argentina credit, that feeling had evaporated. At least six U.S. Government agencies--the Departments of State, Commerce and Treasury, EGA, the Federal Reserve Bank and the Export-Import Bank--had rated Argentina a good credit risk. The State Department hoped that this economic assistance might also help to make Argentina a better political risk. But that remained to be seen.

This file is automatically generated by a robot program, so reader's discretion is required.