• Short Summary

    Peru celebrated 155 years of independence from Spain on Wednesday (28 July). The celebrations included?

  • Description

    SV: President Morales Bermudez (centre) leaving cathedral with other ministers (2 shots)

    GV: President and ministers review guard of honour as they walk to Government House. (3 shots)

    National Guard marching into grounds of government house, followed by Cardinal Landasuri waving. (2 shots)

    TOP VIEW: crowd watches as troops parade pass Government House (2 shots)

    TOP VIEW PAN FROM: Nuns to troops marching past (3 shots)

    The government is expected to negotiate more favourable terms if companies express interest in prospecting for oil. Another recent government move effects the anchovy fishing fleet. The fleet, which was nationalised three years ago, would be sold back to private sector. The decision has met with varied reactions.

    Initials RH/DE/AW/2215

    Script is copyright Reuters Limited. All rights reserved

    Background: Peru celebrated 155 years of independence from Spain on Wednesday (28 July). The celebrations included a service at the Cathedral in the capital, Lima.

    SYNOPSIS: Among the guests at the Cathedral was the Peruvian president, Morales Bermude seen here in the centre of the group, and other government ministers.

    It was the first time he has celebrated independence since taking over as president from Juan Velasco Alvarado last August. President Bermudez' military government is showing a new political awareness following a recent cabinet checkup, in which the left-wing elements lost most of their powers.

    The cabinet changes resolved a power struggle between left and right wing factions and gave President Bermudez a free and to steer Peru out of economic crisis without binding commitment to ideology. The first decision of the new 18-man cabinet was to end government control of the fishing industry.

    The cabinet, which was reformed by President Bermudez on the 16th of July, also decided to make a fresh bid for foreign investment in its oil industry and to postpone a controversial press reform law. The new measures are aimed directly at reviving the economy which is burdened by a 3,000 million dollar foreign debt, a 400 million dollar shortfall in repayment capacity an the effect of a recent 30 per cent devaluation of the national currency. In the call for foreign companies to seek new oil concessions, the cabinet did not state that future contracts would be based on the so-called Peruvian model system. The system requires the 19 foreign companies prospecting for oil to provide a 51 per cent share of all finds for the Peruvian company, Petroperu. Most of the companies that have worked under the system have now pulled out because they claimed the contracts were uneconomical.

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