Juan Velasco Alvarado of the Velasco administration's economic policies is still debated today. As the Peruvian military government ran deeper into debt, it was forced to devalue the currency and run inflationary policies. This however, was in part due to the 1970s Energy Crisis, which also affected Peru and made it impossible for the Velasco administration to fund some of its most ambitious reforms. In foreign policy, in contrast with his 1970s Latin American contemporaries, which were mostly right-wing military dictatorships, he pursued a partnership with the Soviet bloc, tightening relations with Cuba and Fidel Castro and undertaking major purchases of Soviet military
First presidency of Fernando Belaúnde having the will to carry out social reforms that were considered necessary. First presidency of Fernando Belaúnde The first term of Fernando Belaúnde Terry started July 28, 1963 and culminated in the coup Juan Velasco Alvarado on October 3, 1968. The presidency started on July 28, 1963. At Belaúnde's inauguration in the Legislative Palace, the President of the Senate, Julio de la Piedra gave him the presidential sash, followed by, the first vice president Edgardo Seoane's oath. The ceremony was attended by representatives of 41 states, among them being the Minister of Information and Tourism of Spain, Manuel Fraga. He