Word: peruvian
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When International Petroleum Co., a subsidiary of Standard Oil (N.J.), agreed to turn over its La Brea y Pariñas oilfields to the Peruvian 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...
...brusquely reversed that judgment on the man who was once praised as Peru's Kennedyesque "architect of hope." Awakened, as he slept, by a burst of machine-gun fire, Belaúnde looked out of his window to find tanks outside the Presidential Palace in Lima. Some 50 Peruvian Rangers stormed into the palace and took Belaúnde into custody. Onlookers gathered as he was escorted out of the palace. "How do you like this?" Belaúnde shouted to them. "These are the traitors of the country!" The soldiers bundled him off to the airport...
From the outset, though, Belaúnde was at odds with the Peruvian Congress. His Actión Popular party was not strong enough to outvote his opponents, the coalition of ex-Dictator Manuel Odría's upper-middle-class followers and the left-of-center American Popular Revolutionary Alliance (APRA), headed by Old Liberal Victor Raúl Haya de la Torre, His budgets rose from $400 million to more than $1 billion annually, and the country's cumulative deficit grew to $555 million. Tax dodging by the privileged was flagrant, but Bela...
...Large a Role. The shadow of scandal and corruption began to fall across his government. Some officials, dubbed the "golden bureaucrats" by Belaúnde's critics, were revealed to be getting salaries as high as $3,000 a month -stunningly generous by Peruvian standards. It was shown that a navy troopship had made no less than four trips smuggling in contraband. Then came the affair that caused the coup against him by the disgruntled armed forces. Belaúnde had rashly promised to expropriate the U.S.-owned International Petroleum Co. "the very day I am inaugurated...
...Bolivia, promptly offered him asylum), Belaúnde asserted that he had been ousted by a mere cuartelezo-a barracks revolt. The bulk of the armed forces, he believed, was not involved. But the first communiqué issued by the junta was signed by the chiefs of all three Peruvian military services. Within hours after Belaúnde's departure, General Juan Velasco Alvarado, the 58-year-old army commander and president of Peru's Joint Chiefs of Staff, took the oath as his successor before a candlelit crucifix in the presidential palace...