Juan Velasco Alvarado hardware. Relations between the United States and Peru were tense and even hostile, as soon as General Velasco and his junta took power. Just five days after Velasco seized power in 1968, the General began the nationalization of the Peruvian Economy with the expropriation and nationalization of the American International Petroleum Company (IPC) oil fields located in the northern Peruvian oil port and refinery of Talara, Piura, near the Peruvian border with Ecuador, Piura, being the region where Velasco was born. IPC was a subsidiary of Standard Oil, and although the claims over the IPC were ultimately resolved in negotiations
Juan Velasco Alvarado law that was never enacted. Peruanismo was also characterized by authoritarianism, as the administration grew away from tolerating any level of dissent, periodically jailing, deporting and harassing suspected political opponents and repeatedly closing and censoring broadcast and print news media, finally expropriating all of the newspapers in 1974 and sending the publishers into exile. A cornerstone of Velasco's political and economic strategy was the implementation by dictate of an agrarian reform program to expropriate farms and diversify land ownership. In its first ten years in power, the Revolutionary Government of the Armed Forces (GRFA) expropriated 15,000 properties (totaling nine million