MercoPress. South Atlantic News Agency
EC supports Spain and warns YPF expropriation can seriously damage business climate
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. Read full article
Comments
Disclaimer & comment rules“considered harmful for their interests.” -----------------------------------------------------------------
Apr 17th, 2012 - 04:48 am - Link - Report abuse 0Considered harmful for residents of Argentina.. when you shoot before you aim, you always shoot yourself in the foot... kind of like invading the Falklands...
Apr 17th, 2012 - 05:37 am - Link - Report abuse 0Spain clearly got it's arse handed to it, and the EU is now claiming it cannot do anything.
Apr 17th, 2012 - 06:51 am - Link - Report abuse 0Hmm... balls.
Oh! Poor Spanish they will go back to the ’80 in oil terms, let’s say some pump stations in Madrid. Ha ha
Apr 17th, 2012 - 09:04 am - Link - Report abuse 0Next Telefonica I guess. bloody ‘ell.
Ha ha
“Promising a ”clear and overwhelming“ response, the government summoned the Argentine ambassador to Madrid to express its concern.
Apr 17th, 2012 - 09:50 am - Link - Report abuse 0The majority stake in YPF is owned by Spanish oil firm Repsol.
Repsol shares fell by 8% in early trading in Madrid and the firm has vowed to demand compensation.
It said it would seek international arbitration over its stake in YPF if necessary.
”These acts will not remain unpunished,” Repsol executive chairman Antonio Brufau told reporters.
According to AFP news agency, Repsol will seek compensation of at least $10bn (£6.3bn; 7.7bn euros).”
Argentina's defence budget, 2011: around $3 billion. Oops! No Falklands for you anytime soon, then!
Poor Argentina more like. Very poor Argentina with an economy that's about to collapse.
Apr 17th, 2012 - 09:51 am - Link - Report abuse 0Yes another act of complete lunacy from your government. You can't get your way regarding your spurious and illegal claims to the Falklands, so you lash out randomly (knowing that you can't actually harm the Islanders or the British).
And who do you attack? The only ally you ever had in the EU.
Unlike Argentina, Spain can always rely on the rest of the EU to help out financially, as it's in all the members interests that Spain remains solvent.
Not only that, but Spain can call on the EU to impose sanctions on Argentinan goods, and EU exports to Argentina.
Whilst this may cause some minor damage to the EU economy in the short term, in the long term it means little, as the EU trades with most countries in the world, and can close the trade gap relatively quickly.
Argentinians may find that countries who are willing to trade with them (China, India, African nations etc...) will offer the minimum amount of money to buy your goods, after all they can pick and choose who they trade with, whilst demanding that you pay top dollar for any of their imports. After all, the Argentinan government is rapidly burning it's bridges behind them, reducing their choice to nil.
In Argentina diplomacy = insanity!
Argentina better kiss that G20 seat goodbye. The only summits KFC will be attending in the near future will be with her clueless LatAm friends. Over the course of a weekend, she has brought all the strength she had built up over the last year crashing down! She wants to nationalize the botox industry!
Apr 17th, 2012 - 12:13 pm - Link - Report abuse 0well and truly furked unreliable people are well and truly furked
Apr 17th, 2012 - 12:52 pm - Link - Report abuse 0Apparently CFK is thinking of changing the name of her country Argentina, to something less conspicuous,
Apr 17th, 2012 - 02:45 pm - Link - Report abuse 0Hoping a change of name and policy,
Will give them a new lease of life.
All suggestion on a post card please .
The EU will not do a thing to support Spain / Repsol in this matter as long as trade deals in LatAm are in the offing.
Apr 17th, 2012 - 03:10 pm - Link - Report abuse 0The EU are at least as big hypocrites as Argentina.
^^ Lol,
Apr 17th, 2012 - 04:24 pm - Link - Report abuse 0But the problem is that Argentina now has virtually no influence (as per humiliation at recent summit) even in South America - if the EU chooses to pursue the case it will end up with Argentina vs the world's largest trading bloc.
Get it, as a nation, you are like a small child desperate for attention but with nothing to offer anyone and so no incentive for anyone to listen to you - having boasted about your “alliance” of pressure against GB you have already destroyed any possibility of having any influence not only over that but also over Falklands Oil development - the whole oil industry will now be entirely unconcerned about Argentinian sanctions.
@ 11 I hope REPSOL will give you some money, you are a good fighter for REPSOL, keep it up :)
Apr 17th, 2012 - 05:14 pm - Link - Report abuse 0@11
Apr 17th, 2012 - 05:16 pm - Link - Report abuse 0You are dead right, everyone will think twice before investing in Argentina now and won't give two hoots about threats Argentina makes about the 'Falkland Islands' oil.'
I honestly thought kirchener was using YPF as a form of leverage in order to get the Spanish government to back her claim and exert pressure on the UK with regards to the Falklands. It now transpires that she's a complete nutter who wishes to alienate pretty much any country she can.
Apr 17th, 2012 - 06:06 pm - Link - Report abuse 0This is going to end badly for Argentina
Argentina's defence budget, 2011: around $3 billion. Oops! No Falklands for you anytime soon, then!
Apr 17th, 2012 - 08:10 pm - Link - Report abuse 0Who cares!! uk is finished anyway,with or without MAlvinas!!
UK will go bankrupt !
http://www.youtube.com/watch?v=QaxV0qyaUMo&feature=relmfu
Argentina v the planet Earth,
Apr 17th, 2012 - 10:41 pm - Link - Report abuse 0Watch this final battle play out on TV ,
What the cries of victim victim, I am a victim, play over and over,
Watch as Argentina blockades Spanish ships
Fights crabs on the beaches, boils Spanish lobsters alive,
Throw fishermen out of helicopters,
Will the once great Spanish empire reign in this delinquent child?
Will the world control this freak of nature,
Will their be a new meaning to plastic,
Don’t miss the ultimate episode,
Argentina, V the world,
Showing at a G20 near you ??
.
#3 Its quite funny seeing you react to this in the context of your hatred of ALL Spanish speakers lol
Apr 18th, 2012 - 02:23 pm - Link - Report abuse 0Commenting for this story is now closed.
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