Viceroyalty of Peru Guayaquil and El Callao, but on 4 February he captured Valdivia, called at the time "The Key of the South Seas" and the "Gibraltar of the Pacific", due to its huge fortifications. However the viceroyalty managed to defend Chiloé Island until 1826. On September 8, 1820, the "Expedición Libertadora" of Peru, organized mainly by Argentinians and with some Peruvian and Chilean involvement, landed on the beach at Paracas Bay, near the city of Pisco, Peru. The army was under the command of José de San Martín. After fruitless negotiations with the viceroy, San Martín occupied the Peruvian capital of Lima
Economy of Peru and political stability, but it slowed again after the government delayed privatizations and as political uncertainty increased in 2000. President Alejandro Toledo has made investment promotion a priority of his government. While Peru was previously marked by terrorism, hyperinflation, and government intervention in the economy, the Government of Peru under former President Alberto Fujimori took the steps necessary to bring those problems under control. Democratic institutions, however, and especially the judiciary, remain weak. The Government of Peru's economic stabilization and liberalization program lowered trade barriers, eliminated restrictions on capital flows, and opened the economy to foreign investment, with the result