MercoPress. South Atlantic News Agency

“Argentina has just shot itself in the foot” warns Spain Foreign minister

Ambassador Bettini was more interested in talking about the Malvinas and not on the YPF dispute

Spain’s Foreign Minister José Manuel García-Margallo warned on Tuesday that “Argentina has just shot itself in the foot” as the expropriation of YPF oil and gas company might lead to “a break- up with both Spain and the international community.”

During conversations with Spanish reporters, the minister emphasized his concerns as far as “Argentina’s decision could mean a break-up in its long-time good relationship with Spain”, and added, “The damage to Argentina can be massive as its decision can lead to the no access to international credit and/or loans.”

García Margallo also stated that the Spanish government is “already working in order to obtain the collaboration of the Unites States, and friend-governments within the European Union, and G-20.”

Likewise, the Spanish minister aimed to the expropriation being a populist move, and warned “what they did with YPF is not the way to guarantee salvation”, and revealed, “the expropriation was firstly planned to be announced during Cristina Fernández swear-in ceremony last year, and then for the Malvinas War 30th anniversary. However, we managed to stop those two attempts”.

Furthermore, García-Margallo also explained that he has already met with Argentina’s ambassador in Madrid, Carlos Bettini, on tow occasions in the last four days to express the Spanish government’s disagreement over the decision taken by President Cristina Fernández.

“Unfortunately, Bettini just wanted to talk about Malvinas and not about Repsol-YPF.”

Garcia-Margallo anticipated that next Friday the Spanish cabinet meets and some of the stern measures against Argentina including blocking multilateral credits could be announced.

Garcia-Margallo revealed that Spain was able to stop the nationalization announcement on two previous occasions