147. Telegram From the Embassy in Argentina to the Department of State1
1617. Vice President accompanied by Ambassador Beaulac and Rubottom had lengthy private talk with Frondizi.
Frondizi stated Argentina had no political problems with US. It hoped for US assistance solve serious economic problems. He described deficiencies in electric power, transportation as well as serious foreign exchange burden of petroleum.
Vice President stated US wants to help but pointed out limitations government assistance.
Frondizi expressed hope prompt credits by US Government would help encourage large volume private investment.
Frondizi thought private enterprise could best contribute to petroleum development through contracts providing reasonable profits. He emphasized no point continuing talk about concessions. Mr. Nixon agreed on desirability follow course that could lead to solution of the problem.
Frondizi stated intended settle promptly problems under discussion with Embassy. ANSEC not mentioned but probably meant. He hoped for a quick decision on the Rio Turbio project stating French had already made concrete offer which Argentina intended to accept if Export-Import Bank decision negative.
Conversation closed with Frondizi’s statement Argentina needed credits for imports, that it wants to cooperate economically with US and hopes for cooperation.
Vice President repeated desire of US to cooperate.
- Source: Department of State, Central Files, 033.1100–NI/5–5258. Confidential.↩