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In 1969 the Peruvian government enacted Law No. 17716 (Law of Agrarian Reform) which aimed to transform the structure of land ownership in the country through expropriation of rural lands. These lands passed at first into public domain and were then distributed among peasants and small farmers organized into cooperatives and agricultural companies. Instead of paying for expropriated land with cash, the State issued Agrarian Reform Bonds promising to pay the former landowners, over time, the value of the land plus interest. The owners of these lands were required by law to accept the agrarian bonds. The government issued three classes of agrarian bonds: Class A, which accrued an annual interest rate of 6% over a period of twenty years; Class B, which accrued an annual interest rate of 5% for a period of twenty five years; and C class, which accrued an annual interest rate of 4% for a period of thirty years. The website of the Ministry of Agriculture and Irrigation indicates that between June 1969 and June 1979, more than , representing about 15,826 lots were expropriated. According to the source, some 370,000 families received these lands. In a 2006 opinion, the Congressional Agricultural Committee noted that the Ministry of Finance had made a "net placement of bonds," equivalent to 13.285 billion sols (~ $380 million). That opinion also noted that payments of 10.763 billion sols had been made leaving an outstanding balance of approximately 2.521 billion sols. From about 1980 onwards, the government stopped paying agricultural bonds. Between 1980 and 1990 the economic situation in Peru deteriorated seriously and inflation became hyperinflation, reaching a peak in August 1990 12,377% per year. In that one month alone, the legal currency lost 75% of its value. The state changed currency twice in a span of six years. As a result, the nominal equivalent of a Sol de Oro (the currency in which the bonds were issued) is currently 0.000000001 (one billionth) of a Nuevo Sol. For holders of bonds, the nominal value of the debt that the State had with them virtually disappeared. For more than three decades, holders of agrarian bonds have demanded payment of the fair value of their bonds, while the government, through a series of laws, decrees and regulations has failed to establish that value. Between 2013 and 2014, both the Constitutional Court and the Ministry of Finance, through a series of resolutions and decrees, has defined the method to determine the present value of the agrarian bonds and the regulations for the registration of bondholders to receive payment thereof. Aldo Chavez, an economist at the University of Piura, has criticized the payout plans, stating that they are plagued by fundamental errors and rights violations that harm the bondholders: * The amount payable corresponds to only 0.5% of the present value of the debt. * The payment would be made at a still undetermined time. * The bondholders must waive their right of appeal to the courts if they want access to this payment. A movement has arisen among Peruvians to request a fairer payout from the government of the remaining outstanding bonds. ==References== 抄文引用元・出典: フリー百科事典『 ウィキペディア（Wikipedia）』 ■ウィキペディアで「Agrarian Bonds in Peru」の詳細全文を読む スポンサード リンク
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