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Spain attacks Argentina over nationalisation of oil company YPF
18 April 2012 @ 00:13

Spain pledged to wage diplomatic and industrial war on Argentina after the country's populist president, Cristina Fernández, announced plans to nationalise the Spanish-owned part of oil company YPF.

"With this attitude, this hostility from the Argentine authorities, there will be consequences that we'll see over the next few days," industry minister José Manuel Soria pledged, calling it a hostile action against Spain. "They will be in the diplomatic field, the industrial field and on energy." Retaliatory measures for the expropriation of the Spanish Repsol company's shares in YPF will be announced after a cabinet meeting on Friday, while the European Union was also pulled into the dispute.

Spanish president Mariano Rajoy had blistering words for Fernández, speaking at the World Economic Forum on Latin America in Puerto Vallarta, Mexico. "This damages Argentina's international reputation," said Rajoy. "What happened yesterday could happen to any other investment." Spain's foreign minister, José Manuel García-Margallo, claimed that Fernández had originally planned to time her announcement to coincide with the 30th anniversary of the Falklands war on 2 April.

Read the full article at the Guardian

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2 Comments

David H said:
21 April 2012 @ 12:37

Populist governments like the one in Argentina are doomed to failure.
History has proved that if you manipulate popular opinion in order to gain political support then the long term effect on your country is ruinous.
Argentina made a disastrous error when it tried to invade The Falkland Islands and is about to make another, but this time commercially and with more international opposition.

Lizzie said:
21 April 2012 @ 17:26

I heard that Spain was looking at selling to China so Argentina took it out of their hands.

Not saying that I agree with Argentina though.

Maybe it's good that Britain now has more support regarding the Fawklands?

Maybe though when Spain run to Europe for help they should be also asked to address the problems here with regards to illegal homes etc. They are very quick to shout foul !?