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
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