In 1992, 97% of all Peruvians lacked a functioning telephone and they could expect to wait nearly 10 years to get one. It was a damning reflection on the country's two state-run telecommunications companies. In 1994, the government, advised by JP Morgan's Susana de la Puente, sold 35% of its Compañía Peruana de Teléfonos and Empresa Nacional de Telecomunicaciones to Telefónica of Spain for...
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