Word: velascos
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DIED. José Maria Velasco Ibarra, 86, Ecuador's charismatic Caudillo who was elected President five times and deposed four; of a heart attack; in Quito. Though he spent only 13 years in power and nearly 30 years in exile in Argentina, he unnerved opponents throughout his life with his vow: "Give me a balcony, and I will govern Ecuador again." Last elected in 1969, he was removed in 1972, but returned to Quito earlier this year "to meditate and await death...
Some Third World regimes are also having second thoughts about socialism. Peru was pushed to the edge of bankruptcy by seven years of Peruvian socialism concocted by General Juan Velasco Alvarado, who was ousted in 1975. The country's new military rulers have substantially modified Velasco laws under which workers would have been able to wrest control of firms from their owners...
DIED. General Juan Velasco Alvarado, 67, former left-leaning military president of Peru; in Lima. Velasco seized power in a 1968 coup and nationalized U.S. oil and copper firms. His land reform gave millions of acres to peasants, but Velasco's growing dictatorial powers led to his ousting by more moderate officers...
...power. Shortly after this change came agrarian reform, closer Peruvian links with the Soviet Union, and the expropriation of U.S. copper and oil interests. The drop in food production after the land reform, however, sent high prices even higher, threatening the popularity of the government. As a result Juan Velasco, "the father of the Peruvian revolution," was replaced in 1975 by the less socialistic Francisco Morales. The Morales government tilts toward the center, encouraging foreign investment in Peru with better terms and repayment for expropriated holdings. Perhaps this explains Rockefeller's Fourth of July appearance on government-owned television...
General Morales himself had dislodged a slightly more leftist and much more mercurial President, General Juan Velasco Alvarado, only last August, and is understandably aware that nothing is permanent in this world. But the vast chambers and corridors of the executive palace were bare of police and soldiers the day after the latest shakeup, and the general was calm and self-assured. "My security is given me by my work," he said...