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** The government of Peru announces an austerity plan that results in huge increases in the price of food and gasoline.
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** and Peru
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** A 126-day hostage crisis at the residence of the Japanese ambassador in Lima, Peru, ends after government commandos storm and capture the building, rescuing 71 hostages.
** At least 1, 400 people are killed in an earthquake measuring 7. 4 on the Richter Scale, in the Ancash Region and Quiches District in Peru.
** In Cartagena, Colombia, a summit is held between President of the United States George H. W. Bush, President of Bolivia Jaime Paz Zamora, President of Colombia Virgilio Barco Vargas, and President of Peru Alan García.
** Alberto Fujimori is elected President of Peru ; he takes office on July 28.
** Internal conflict in Peru: On the eve of presidential elections, Maoist guerrilla group Shining Path attacks a polling location in the town of Chuschi, Ayacucho.
** Boutros Boutros-Ghali of Egypt replaces Javier Pérez de Cuéllar of Peru as United Nations Secretary-General.
** President of Peru Alberto Fujimori issues Decree Law 25418, dissolving the Congress of the Republic of Peru, imposing censorship and having opposition politicians arrested, setting off the 1992 Peruvian constitutional crisis.
** In Peru, police arrest Abimael Guzmán, the leader of the Shining Path guerilla movement, who had evaded capture for 12 years.
** The government of Peru announces it has arrested a small group of army officers who were plotting the assassination of President Alberto Fujimori.
** The first total solar eclipse to exceed seven minutes of totality in over 800 years, is visible in the Pacific and Peru.
** Manuel Prado y Ugarteche, former President of Peru ( d. 1967 )
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** The 1970 Ancash earthquake causes a landslide that buries the town of Yungay, Peru ; more than 47, 000 people are killed.
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** Alianza Lima air disaster: A Peruvian Navy Fokker F27 crashes near Ventanilla, Peru, killing 43.
** Diego Ladrón de Guevara, viceroy of Peru ( d. 1718 )
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