Word: bela
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Dates: during 1960-1969
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...prospect was hardly encouraging 18 months ago when Belaúnde took over after a bitterly fought election. With Peru's economy just starting to gather momentum, agitators within the unions were threatening crippling strikes, landless highland Indians were waging angry battles against their landowners, and businessmen were sending their money abroad for safekeeping...
...Without Bloodshed." A handsome architect turned politician, Belaúnde seems to have had the right blueprint. He sent troops into the highlands to restore law and order, then enacted a sensible land-reform bill that will provide land for the landless without destroying the big, productive estates on which the country's agriculture depends (TIME, July 3). Throughout Peru, police rounded up extremist troublemakers to make it plain that despite some Communist support in the elections, Belaúnde would tolerate no Red-made unrest. Though his Action Popular party and its political allies held only a minority...
...effect of Belaúnde's leadership was to make 1964 the best year ever for Peru's economy. Exports-chiefly fish meal, cotton, copper, sugar and iron ore-jumped 25% to a record $665 million, the G.N.P. rose an impressive 12%, and the sol (3.7?) remained one of South America's most stable currencies. On Lima's outskirts, General Motors is completing Peru's first auto-assembly plant, a $5,000,000 operation that will enable Peruvians to buy autos without paying duties that go to 110% on most U.S. models. Fourteen other automakers...
Another ticklish problem was what to do about the U.S.-owned International Petroleum Co., which has been operating the rich La Brea y Pariañs basin for 50 years under a series of contracts that many Peruvians consider unfair and illegal. Last year Belaúnde's government canceled the contracts amid leftist cries for an outright takeover. Belaúnde refused, and last week he was hammering out the final details of a new contract that will keep I.P.C. in Peru but give the government a greater share of profits...
...pretends that everything is sweet harmony in Peru. Last week Belaúnde was embroiled in a major congressional fight over his 1965 budget, which runs $75 million more than this year's record. To avoid a deficit, Belaúnde wants to raise taxes; the opposition wants to leave taxes alone and slice the budget down to size. The result is likely to be a compromise. "Belaúnde is beginning to look like a statesman," says an opposition leader. "If we can only curb his tendency to spend more than he should, Peru may well have...