Word: bela
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Dates: during 1960-1969
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...conflict between Peru and the U.S. revolves around a Standard Oil of New Jersey subsidiary, the International Petroleum Co., which has been pumping oil out of Peruvian soil since 1924. Last October, only six days after they had overthrown President Fernando Belaúnde, Peru's new military masters seized IPC's property. Under the 1962 Hickenlooper Amendment, the U.S. is obliged to halt foreign aid and preferential-trade deals with any country that expropriates American property without making adequate compensation. Under Hickenlooper, the cutoff must take place six months after the seizure unless "meaningful" negotiations...
...amendment. It has managed to extend the deadline for ending aid by five days. General Velasco could release the U.S. from its duty by agreeing to a negotiated settlement, but he can hardly back down under U.S. pressure without destroying his own reputation. It was largely because President Belaúnde had failed to crack down on IPC, and thus defy the U.S., that Velasco was able to whip up popular support for his military takeover. The support continues, as far as Velasco's expropriation of IPC is concerned. But many Peruvians are finally realizing that...
...government two months ago, it appeared to be assuaging one of the deepest grievances of Peru's nationalists. As things turned out, the deal did not go nearly far enough for the country's military leaders, who used it as the prime pretext for overthrowing President Fernando Belaúnde Terry (TIME, Oct. 11). Last week, having peremptorily canceled Belaunde's agreement with IPC, Peru s new junta took a different approach. Rifle-toting infantrymen seized the disputed oilfields, a nearby refinery and other company property worth about $90 million...
Peruvians continued to be rankled because the Yanqui company owned the fields instead of merely operating them under a government concession. In his 1963 presidential campaign, Belaúnde promised to expropriate the fields but backed down after his victory. A year ago, his government began claiming that IPC owed $144 million in back taxes, the total amount of profits that the company earned in Peru during the previous 15 years. Then the two sides struck the August compromise: Peru would take ownership of the fields, but IPC would help operate them under contract. Simultaneously, the government scrubbed...
...Congress was closed, and Velasco appointed a new Cabinet consisting entirely of military men. One of its first acts was to cancel the agreement that the Belaúnde government had reached with IPC. Asked when there would be new elections, General Velasco said nothing. Once more, a Latin American army had taken over a civilian regime. The bloodless coup in Peru brought to three-fourths the proportion of people on the continent living under military rule...