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This article reviews the immediate background to the events of January 9, 10, and 11, 1964; it describes the events that led to the U.S. aggression against the Panamanian students and people who aspired to raise the tricolor flag in the Canal Zone, resulting in some twenty deaths and hundreds of injuries, as well as the severance of diplomatic relations by Panama; it analyzes the negotiation process that followed the reestablishment of these relations and concluded with the signing of "three draft" treaties on the Panama Canal in June 1967; and finally, it briefly examines the content and scope of these treaties, which were widely analyzed, criticized, and rejected by the public and then shelved until August 1970, when the military regime decided to inform the State Department that it rejected these agreements, considering them inconsistent with the spirit and letter of the joint declaration of April 3, 1964.