US Secretary of State Hillary Clinton said Argentina will have to justify and assume the responsibilities of its decision regarding the YPF dispute between Argentina and Spain, but at the same time defended models that include competition and market access.
Having an open market is a preferable model”, said Ms Clinton who is on a two-day visit to Brazil. Models that include competition and market access have been the most successful around the world.
“Decisions taken by the different countries are decisions they have to justify and will have to live with them”, said US Secretary of State. “It will be a very much debated decision and with good reason. An open market model fro energy and commodities is the best model of competition and market access”
However the top US official admitted she was not aware of all the details of the controversy involving Argentina’s bill sent to Congress, --where the government has a clear majority--, with the purpose of taking over the majority stake of Spain’s Repsol in its YPF branch in Argentina.
Ms Clinton insisted that an open market model with access to markets has been repeatedly proved and is the best in the whole world”.
Following the Monday announcement from President Cristina Fernandez, Repsol called the action was clearly illegal and gravely discriminatory” and said it would take all legal measures it could take to preserve the value of its assets and the interests of its shareholders.
In Washington at the daily press briefing on a specific question regarding Argentina’s plans to Spanish owned oil company YPF, the State Department spokesperson said that “we are aware that Argentine President Cristina Fernandez de Kirchner proposed a draft law to nationalize a controlling interest in oil energy company Repsol-YPF. We are following developments on this issue. We are not currently aware of any WTO complaints related to this issue”.