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Argentina to Seek Takeover of YPF (Nationalizes Spanish Energy Company)
Wall Street Journal ^ | 4/16/12 | MATT MOFFETT And TAOS TURNER

Posted on 04/16/2012 11:21:03 AM PDT by mojito

President Cristina Kirchner, in a move that marks a watershed in expanding the state's grip on the economy, said she will send a bill to Congress to nationalize Argentina's largest oil-and-gas company, YPF SA.

Under the proposal, which declares the petroleum industry of "national public interest," Argentina's federal and provincial governments would take 51% of the company, now majority owned by Repsol YPF of Spain. The move is sure to be approved in Argentina's Congress, where the leftist Mrs. Kirchner's governing Peronist part holds a majority.

The nationalization marks the culmination of a months-long battle between YPF and the Kirchner government. The administration blames YPF for low production that has forced Argentina to spend heavily for imported energy.

YPF didn't immediately respond to a request for comment. A spokeswoman for Spain's foreign ministry said the government had no immediate comment.

The nationalization is certain to spark an intense legal fight between the government and Repsol, while also straining the Kirchner government's relationship with Spain, a big investor and trading partner. In addition, the action is likely to further damage Argentina's reputation among investors while adding tension to Argentina's relations with the European Union.

(Excerpt) Read more at online.wsj.com ...


TOPICS: Business/Economy; Crime/Corruption; Extended News; Foreign Affairs
KEYWORDS: argentina; kirchner; peronista; spain; ypf
As the Zero WH looks on enviously.
1 posted on 04/16/2012 11:21:13 AM PDT by mojito
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To: mojito

Welcome to the People’s Republic of Argentina. What’s next, nationalizing d’Anconia Copper?


2 posted on 04/16/2012 11:29:32 AM PDT by Bush_Democrat (Breitbart sent me)
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To: mojito

YPF should do a Wyatt’s torch.


3 posted on 04/16/2012 11:38:50 AM PDT by Drill Thrawl (The United States of America, a banana republic since 1/21/2009)
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To: mojito
Argentina would be importing even more energy if a few of those YPF facilities mysteriously stopped working. Just thinkin’
4 posted on 04/16/2012 11:40:16 AM PDT by Truth29
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To: mojito

Socialists: They are never satisfied.

It’s much easier to covet than produce.


5 posted on 04/16/2012 11:41:42 AM PDT by LucianOfSamasota (Tanstaafl - its not just for breakfast anymore...)
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To: Bush_Democrat

The Argentines are sure feeling frisky these days. Picking a fight with Britain over the Falklands, now with Spain. Having a go at the “Yankee Imperialists” seem the next logical step.


6 posted on 04/16/2012 11:45:20 AM PDT by mojito
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To: mojito
As the Zero WH looks on enviously.

And plots a similar move when the time is right.

And moves to nationalize the US private pension system in imitation of his Argentinian Comrade.

7 posted on 04/16/2012 11:47:37 AM PDT by BlatherNaut
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To: Bush_Democrat

You mean the People’s *State* of Argentina . . . .


8 posted on 04/16/2012 11:50:52 AM PDT by AuH2ORepublican (If a politician won't protect innocent babies, what makes you think that he'll protect your rights?)
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To: Drill Thrawl

All the companies in Atlas Shrugged were basically owned by one man or one woman who could chose to destroy what they created. I am sure that YPF is publically traded or owned in part by the Spanish Government. With that being the case they will be unable to do the right thing and scorch the earth as they are driven out.


9 posted on 04/16/2012 12:39:47 PM PDT by RightOnTheBorder
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To: mojito

Argentina is going down the same road as Zimbabwe and Veenzuela.


10 posted on 04/16/2012 12:40:11 PM PDT by GeronL (The Right to Life came before the Right to Pursue Happiness)
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To: RightOnTheBorder

Hey, a guy can dream can’t he?


11 posted on 04/16/2012 12:44:55 PM PDT by Drill Thrawl (The United States of America, a banana republic since 1/21/2009)
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To: mojito
Under the proposal, which declares the petroleum industry of "national public interest,"

Did not know the Kelo decision applied to Argentina...


12 posted on 04/16/2012 1:01:46 PM PDT by Buckeye McFrog
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To: mojito
When I run into a "paywall" excerpt I grab the title, go to Google news, paste and search and generally the top hit is the full text of the article and often from the pay site itself ... FYI ;-)

Argentina to Seize Control of Nation's Biggest Oil Firm

13 posted on 04/16/2012 4:19:20 PM PDT by Tunehead54 (Nothing funny here ;-)
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To: Tunehead54

When I originally posted this article it wasn’t behind the pay wall (I don’t have a subscription).

It also looks like it’s been edited since first posted.


14 posted on 04/16/2012 4:37:55 PM PDT by mojito
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To: mojito

I wasn’t criticizing your post, I was just noting a tip for finding full text behind paywalls for newbies like you. ;-)


15 posted on 04/16/2012 4:45:30 PM PDT by Tunehead54 (Nothing funny here ;-)
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To: mojito

What with the recent Argentinian renewing of its claim to Majorca, relations with Spain are probably tense right now.


16 posted on 04/17/2012 10:50:42 AM PDT by Oztrich Boy (This world is a comedy to those that think, a tragedy to those that feel - Horace Walpole)
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