cafiero held offices in the national justicialist movement from 1962, as well as in different institutions within the justicialist party at the national level and in buenos aires province. following the return of peronists to power in the 1973 elections, cafiero was appointed secretary of commerce in perón's last term (1974). following perón's death and his replacement by his wife, vice-president isabel perón, he was appointed federal interventor of mendoza province (1974–1975), and as ambassador to the european economic community and belgium (1975). cafiero was appointed economy minister in august. he grappled with the aftermath of the june 1975 "rodrigazo" (economic shock treatment enacted by a predecessor) with no success, and he was dismissed in february 1976, serving briefly as ambassador to the holy see until the march 1976 coup.