RESOLUTE Susana de la Puente

RESOLUTE Susana de la Puente

Peru

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 $2 billion, a sum equivalent to 30% of Peru's international reserves at the time. Within four years, Telefónica had met Peru's demand for basic telephone services and was making a profit. Other foreign investors stood up and took notice. "The privatization of Peru's telecommuni

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