Word: peruvians
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Rather than invoking the legal deadline for imposing sanctions against Peru for seizing an American oil company's properties without satisfactory compensation, the President agreed that the matter could await litigation under Peruvian law. Then Washington began the process of re-establishing relations with Cambodia. At the disarmament conference in Geneva, the U.S. dropped its demands for on-site inspections of nuclear weapons plants, which the Russians have opposed. Secretary of State William Rogers announced that "there is nothing that stands in the way" of discussions with the Soviets on limitation of strategic nuclear arms. Rogers said he expected...
Peru's ruling junta defiantly observed a "Day of National Dignity" last week with, among other things, an issue of commemorative postal stamps. The stamps portrayed a worker stripped to the waist who proudly held aloft the Peruvian flag in one fist and clutched an oil derrick in the other. The design -and the holiday - had been purposely chosen for the date that the U.S. was scheduled to cut off assistance to Peru as punishment for expropriation of the U.S. owned International Petroleum Co. Just two days before the deadline, President Nixon decided that an IPC appeal pending before...
...which time the Ministry of Energy and Mines must have acted on the IPC appeal), the U.S. may go ahead and invoke the amendment. At the present time, though, the Yanqui dollar has begun to look like a more formidable weapon. U.S. banks normally underpin Peruvian industry and trade with about $150 million in loans; these funds have been reduced sharply since the expropriation arguments began. Another potential $700 million in U.S. private investment in Peru, mostly in copper mining, is being held up until the issue is settled. Advisers have rightly warned Velasco that such losses are more detrimental...
...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...
...part, General Juan Velasco Alvarado, the leader of the Peruvian junta, professes that he cannot comprehend why the U.S. is so upset. The seizure was legal under Peruvian law, he explains. Furthermore, according to the junta's charge, IPC still owes some $690 million for oil it "illegally" extracted. To the junta's way of thinking, it is Peru that should be angry. The U.S., says General Velasco, "is a just country. I cannot believe that the amendment will be applied...