Word: puno
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Dates: during 1960-1969
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Father Dan came by his fiscal acumen purely through "priestly duty." On his first assignment in Peru in 1950, in the poor (per-capita income: $65) Andean town of Puno, he decided that what his peasant charges needed was financing as well as faith. In 1955, he organized the Puno Credit Union-Peru's first-with 23 members and $25 capital. While private banks were paying 4% interest on savings and lending at 20%, Father Dan's union paid 6%, loaned at 12%. Before long, the villagers were depositing what cash they had in the union...
...span, hugging the eastern slopes of the Andes and connecting with access roads pushing up from Peru's west coast. Belaúnde's engineers are already pushing penetration routes from the coastal town of Pisco to the mountain town of Ayacucho, from Nazca into Cuzco, from Puno down the rugged eastern slope of the Andes into the southern montana. Estimated cost: $400 million. Like Juscelino Kubitschek's Brasilia, the project will be years justifying itself. "But you know," ventures one Peruvian, "in a hundred years we might look awfully foolish...
Even Indians who had the money often found no food to buy. In one of the worst-hit famine cities, 13,000-ft.-high Puno, 80 tons of grain was stolen from a warehouse. Not all the grain went to thieves. The Peruvian army fed at least 350 tons of barley to cavalry horses...
...condition of U.S. aid was that money made from selling food was to be spent on job-creating public works. At Puno, Point Four auditors found that the total of food-financed public works consisted of eight handsome houses, sold below cost to local big shots...