The European Community strongly supported Spain and oil corporation Repsol saying that the expropriation by Argentina of YPF is “a very negative signal” for investors and could seriously damage the business climate of the country.
The Spanish government condemned Argentina’s announcement over the expropriation of YPF, calling it a “discriminatory” and “arbitrary” decision, and stated that it will adopt any measures deemed necessary to defend the interests of Repsol and every other Spanish company.
Argentine President Cristina Fernández de Kirchner sent to Congress a draft bill to expropriate Spain’s Repsol’s holdings of YPF oil and gas company. The announcement was made on Monday at the Government House during a sudden meeting with officials, political leaders, unionists and businessmen.
Foreign Minister Héctor Timerman indicated that Argentina’s participation in the 6th Summit of the Americas “left a very positive balance,” and stressed on the importance of the bilateral meeting between President Cristina Fernández and US president Barack Obama.
Uruguay has fallen prisoner of Mercosur and Argentina because it did not sign the free trade agreement with the United States which was offered to the country in the previous government of Tabare Vazquez, said two-times President Julio Maria Sanguinetti.
The US will remain on the sidelines in the dispute between the UK and Argentina over the Falkland Islands sovereignty, said President Barack Obama on Sunday at the conclusion of the Summit of the Americas in Colombia.
The CEO from Spain’s main oil corporation Repsol, Antonio Brufau said that there should be no speeches or attempts to impose, but rather more dialogue, in direct reference to the ongoing conflict with the Argentine government over the possible takeover of the YPF branch.
Argentine President Cristina Fernández left the 6th Summit of the Americas held in Cartagena de Indias, Colombia, before the official closing meeting allegedly in protest against a lack of regional support for Argentina’s claims in the Falklands/Malvinas dispute with the UK.
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.
President Cristina Fernández and US President Barack Obama agreed to work upon trade differences which in no way conform the central aspects of the bilateral relationship during their Saturday afternoon half hour meeting with an “open agenda” at the 6th Summit of the Americas hosted by Colombia.