Toning down its initial strong reactions to the nationalization of Spanish controlled YPF Spain’s Foreign minister Jose Manuel Garcia Margallo said that Argentina should pay a fair price for the oil company citing a similar case in Bolivia this week.
After a two-day session, Argentina’s Lower House voted late Thursday night 207-32 in favour of expropriating energy corporation YPF, clearing the way for President Cristina Fernandez to sign the controversial bill into law.
Bolivian President Evo Morales Government’s decision to nationalize the main power transport company that was in hands of Red Eléctrica Española (REE) generated claims from Spain, while United States and the European Union showed their “concern.”
Bolivian President Evo Morales announced on Tuesday the expropriation of Spain’s Red Eléctrica Española (REE) shares at a power transmission company in Bolivia and ordered the Army to take over the firm's headquarters.
Spain's sickly economy faces a crisis of huge proportions said Foreign Minister Jose Manuel Garcia-Margallo as unemployment hit its highest level in two decades and Standard and Poor's weighed in with a two-notch downgrade of the government's debt.
Colombia is available to mediate between Spain and Argentina to find a solution to the dispute over the seizure of YPF from Repsol, said Colombian Vice-president Angelino Garzón.
Spain’s main oil corporation Repsol warned it could take legal action against companies that invest in YPF after Argentina seized control of the Spanish company's energy unit last week.
Spain's jobs-scarce economy plunged back into recession in the first quarter of 2012 as employment slumped even further, the Bank of Spain said on Monday. Barely two years after emerging from the last downturn Spain slid into recession again with two consecutive quarters of economic contraction the central bank said in a report.
Vice president Danilo Astori currently on a business trip to Spain described Uruguay as an “attractive and safe” country to invest given its macroeconomic solidness, strength of its institutions and stimuli for investors, both domestic and from overseas.
Argentine President Cristina Fernández minimized Spain’s decision to reduce the bio-diesel imports as a retaliation over the expropriation of YPF and called for “calm” after assuring that Argentina “is in condition to absorb” that production in the domestic market.