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
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