Managua, the capital of Nicaragua, was a large Indian town in the 16th century. It was then taken by the Spanish. In 1931, Managua was destroyed by a severe earthquake and fire, and subsequently rebuilt. In 1972 another earthquake occurred, resulting in more than 10,000 casualties. Much of the former city center has never been rebuilt. During the Iran-Contra affair in the mid-1980's, Oliver North and company funded the counterrevolutions in Nicaragua, based in Managua.