Spain feels conflict with Argentina over YPF “seems to be getting back on course”
In the last 48 hours “things seem to be getting back on course” said on Saturday Spain’s Minister of Industry Jose Manuel Soria in reference to the ongoing conflict with the Argentine government over the possible take over of YPF, the Argentine affiliate of Spain’s Repsol.
On Friday several members of the Spanish government made strong warnings to the Argentine government with a firm support statement from the European Union regarding the dispute over the possible re-nationalization of YPF, of which Spain’s Repsol holds a majority stake.
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“I personally have had no contacts with the Argentine authorities, but we all know Spain wishes the best possible relations with Argentina and all Latin American countries”, pointed out Soria. “This for Spain is a special relation but it is also a two ways highway”.
Nevertheless Soria underlined that in the last 48 hours things seem to be getting back on course “and we hope this is the case and will continue”.
Meanwhile Saturday’s Spanish media assured that Mariano Rajoy’s government was analysing commercial retaliation if the Argentine government decides to advance on nationalising petrol giant YPF. According to newspaper El Mundo, if that is the case, the Spanish government will boycott Argentine soy and meat imports.
El Mundo also reports that in the last 72 hours Spain obtained a clear support from the European Union and the US, and from all Spanish political parties, in the defence of Spanish interests in the case Repsol or any other Spanish corporation is threatened by illegal or out of contract actions.
The Madrid daily said that vetoing “Argentine beef and soybeans could represent a hard blow to the weakened Argentine finances” and recalled statements from Vice-president Soraya Saenz who reiterated that the Rajoy administration would defend “with all the available means the interests of Spain”.
The financial publication El Economista said that Spain called on the G-20 group to make public its position on the possible takeover action against YPF from the Argentine government and warned that the administration of Rajoy has plans to make a formal presentation before the Summit of the Americas in Colombia.
“Ten years after the financial crisis and melting of the Argentine economy and extended social unrest that forced the collapse of Argentine president Fernando De la Rua, “there is nothing idyllic about the Argentine economy”.
In Argentina the Foreign Affairs ministry said there was an “over reaction” and “exaggerated display” from Spain concerning the YPF issue.
“The way the Spanish government defends this cause is in the framework of its attributes, but is seems an exaggeration. Argentina is doing what it believes needs to be done to ensure there is no longer a shortage of fuel and energy”, said Oscar Laborde, head of the Integration and Social participation department of the Argentine foreign ministry.
Laborde was replying to Spanish Foreign Affairs minister jose Manuel garcia Margallo who on Friday said that “any aggression” from Argentina against Repsol, violating the principles of legal and contract security will be considered an aggression against the Spanish government” and warned that “breaking the rules comes with a cost”.
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“Things seem to be getting back on course”
Of course....
On Argentinean course ;-)
Spanish people seem to not only be missing the two veg, but they're missing the meat too.
If you know the devious mazes of Europe finance system ,these kinds of variations never amaze you.
Looks like Chavez might not be around for much longer, what odds will you give that she deals with the Junta that will no doubt replace him.
I think you are fooling yourself Think. Argentina will win nothing by taking up so many causes on so many fronts at the same time. I would say CFK has acted completely irresponsibly and should be held to account. You can't take on the Falklands issue, and then take on YPF, and then the WTO or Mercosur over trade, or the USA over debt, or the IMF over the statistics...
I'm sorry, but putting your own country in such a toe-to-toe confrontation on so many fronts is borderline perfidious.
Have you made Tobias sit the Spanish proficiency test?
LOL!
Spain being Argentina’s only ally in the EU, and one of the few countries who actually do support Argentina’s claim to the Falklands.
Yet another triumph of Argintinian diplomacy.
With victories like these who needs defeats.
Not many of those battles or their timing have been chosen by our government.
Having said that…………., would you please tell me a better historical moment to fight them then now?
In the year 2050, perhaps?
(8) Joe Bloggs
No need of testing Tobias......
His Spanish is possibly as good as mine.
His English is certainly better than yours.
His English may well be better than mine; I don't care. I'm an engineer, not an English teacher. Or should I say English professor? Sounds much more grand.
This foolish sophomoric behavior from CFK and her minions is not going un-noticed and will end poorly for Arg. The rest of the world doesn't need anything from ARG and if it fails it is Brazil's and Chile's problem not the Northern Hemisphere.
I completely fail to understand the comparison of Europe and Argentine economies. Essentially the economy of both Spain and Argentina is in a perilous place and either could and will most likely fall off the cliff sometime soon.
Europe is a lost cause? well expect SA to become the next lost cause then, especially Argentina whose number one investor is who? Spain!!
If Europe goes down then so will SA and whats worse Argentina is entirely reliant on the EU not failing.
Personally I don't think it will be such a bad thing in the long run if the Euro is wiped out. This giant group of countries with a single currency and set of rules/laws has always seemed ridiculous to me especially when it means a foreign person in a foreign country determines your countries economics and laws.
As for Africa, do you think you'll get a better price selling to Africa instead of Europe?
Pirat-hunter, your comments are typical of the attitude your government have, which is bringing Argentina closer to disaster. Talk about cutting of your nose to spite your face.
You seem surprised that other countries aren't willing to let Argentina rob them blind. You talk about selling to countries like India and China, African and Asian nations. Do you believe these countries to be stupid?
If your cut off your ties to the US and EU, they will do business with you that I don't doubt. But they are canny people. They will offer you less for your goods because you will have burnt all your bridges behind you and will have the option of selling at the reduced price or not selling at all. After all they can always get the goods you grow elsewhere, they will have choice.
Your governments actions are dramatically cutting down Argentina's choice and chance of recovery. You are letting your pride get in the way of sorting out your countries serious problems. After all pride comes before a fall.
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