Payday Looms on Dictator’s Defaulted Bonds in Peru: Andes Credit

Jose Poma was a university student when his grandfather’s rice plantation was seized in 1971 under the land redistribution law of Peruvian dictator Juan Velasco Alvarado.

Now a 59-year-old mining engineer in Lima, Poma is still waiting for the government to honor the bonds his family received as compensation for the loss of their 30-hectare (74-acre) holding. Yesterday, Peru’s highest court ordered the government to come up with a plan within the next six months to repay Poma and his fellow creditors.