MercoPress. South Atlantic News Agency
Repsol regains 6% warranty-stake in YPF and now owns 12.43% of the company
Spain energy Group Repsol regained rights on a 6% warranty-stake in the Argentine oil and gas giant YPF after the Petersen Group, which used to own 25.46% of the company, lost it as the result of not having met payments for the loan through which they initially enter the business without paying a single cent. Read full article
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Disclaimer & comment ruleseasy comes...easy goes...
Jun 01st, 2012 - 03:01 am - Link - Report abuse 0and that 2.0 billion loaned by the big European and US banks to the Eskanazi family to buy YPF shares goes poof !
Jun 01st, 2012 - 04:45 am - Link - Report abuse 0This is massively village. Some tit didn't do their due diligence properly. Which law firm acted for the government? Weil Gotshal?
Jun 01st, 2012 - 08:44 am - Link - Report abuse 0I don't know anything about Argentinean corporate law but, in the UK, there are various thresholds which allow shareholders to block certain actions of the company (this is normally around 20%). Repsol could pull a funny one here, buy up YPF shares listed in America (up to the threshold), and make running the company difficult. After all, it wouldn't be expensive as the shares happened to have lost a great deal of their value recently...
I know it isn't the main point of the article, but doesn't Cristina look beautiful in the picture, her dress is really lovely
Jun 01st, 2012 - 09:40 am - Link - Report abuse 0Once the class action suits get going in the USA I am sure there will be a “hold” put on all the U$ in the USA YPF accounts and YPF ( now Arg gov't) will find it very hard to sell or buy oil since most of the transactions will be in U$ and somehow get funneled through USA, UK, EU.
Jun 01st, 2012 - 10:59 am - Link - Report abuse 0They got themselves into a mess and it is all falling apart now. Hopefully the new Gov't will be smarter and honorable but I'm not holding my breath.
British_Kirchnerist
Jun 01st, 2012 - 11:33 am - Link - Report abuse 0What are you after? A cabinet post or a shag? I don't know how you expect anyone else around here to take you seriously.
6. Bk's posts are so creepy they make my skin crawl.
Jun 01st, 2012 - 12:06 pm - Link - Report abuse 0BK's taste in lady's ware is at best dodgy, Kretina's dress in the photo looks like a cheap hotel's sofa covers.
Jun 01st, 2012 - 12:37 pm - Link - Report abuse 0Is this article lost in translation or does it actually say Repsol had to pay 90% of profits to shareholders by Argentine Government condition?
Jun 01st, 2012 - 01:27 pm - Link - Report abuse 0Nope - no mistake. The Peterson Group got their shares for free. Repsol had to pay 90% dividends (ordered by CFK) in order that the Peterson Group could pay back the purchase price.
Jun 01st, 2012 - 01:58 pm - Link - Report abuse 0CFK then expropriated YPF for paying excessive dividends and not investing enough in Argentina. Did I also mention YPF had to sell oil to Argentina at well below market price too?
You simply couldn't make this up as it's too idiotic to believe.
I'm no lawyer but if the Argentine government forced these policies on Repsol, effectively hamstringing them and then expropriated only Repsols shares for the exact things they forced them to do, shouldn't Repsol have a pretty good case to get the $10Bn they are after in their legal proceedings?
Jun 01st, 2012 - 02:20 pm - Link - Report abuse 0You'd think so - but getting Argentina to pay up when they lose the case is nearly impossible - they simply refuse and ignore it. Ask the Paris Club!
Jun 01st, 2012 - 02:33 pm - Link - Report abuse 0One of the reasons Argentina is excluded from the world money markets. It'd be like lending your blood to Dracula.
12. Arg will pay, EU UK USA are sick of this miscreant and are putting the screws in as we post. It takes the wheels of justice a long time to turn but they've almost arrived at their destination.
Jun 01st, 2012 - 02:38 pm - Link - Report abuse 0I have a feeling all of this and the economic crash will hit at the same time. Maybe that is what they're all waiting for...full impact. Good lesson for rogue nations.
@12 Having said that, after the Argie government runs out of money (if they already haven't) you might see a lot of people at the blood bank trying to make some money.
Jun 01st, 2012 - 02:55 pm - Link - Report abuse 0Not dollars, of course. Saving in dollars is only allowed for government officials.
The Mad Bitch of Argentina looks a LOT older now than she did in that photo, and it's not yet four years old.
Jun 01st, 2012 - 02:58 pm - Link - Report abuse 0Scottie_KIrchner: I think I will start calling you Blind_Scottie_Kirchner to fit the facts.
@13
Jun 01st, 2012 - 04:05 pm - Link - Report abuse 0Rogue nations? Nope, a country that wants nothing to do with you. And that boobooes your pride because you think everyone wants to be your friend.
Argentina will never do as the UK, USA, and EU demand. We are a country, not your vassal. That's what you people don't get, and what will ultimately bring your destruction.
Toby, I bet my maid thinks the same as she is washing my clothes. You do realize USA/UK/EU companies control a HUGE portion of your economy don't you?
Jun 01st, 2012 - 04:33 pm - Link - Report abuse 0Well, you are a billion people...
Jun 01st, 2012 - 04:36 pm - Link - Report abuse 0If Argentina had a billion people, we would be top dog over you.
I'm not impressed by countries that bully other countries 10 times smaller in population. It is caitiff quite honestly.
Do you think making countries abide by treaties and contracts is bullying? Typically Argentinian, that is why your country is falling off a cliff.
Jun 01st, 2012 - 04:53 pm - Link - Report abuse 0Did you hear Kicilloff today? What a MORON!
I heard 150K was the going price per vote for the new BA tax plan. That sounds like democracy to me does it to you?
You are not trying to make us abide treaties,
Jun 01st, 2012 - 05:05 pm - Link - Report abuse 0Dude I know little about Buenos Aires province politics, why do you keep asking me about it? Do you know about the politics of the states you don't live in?
There are no protests in Mendoza, no strikes, no salary controversies. We didn't have any problems in 2001 as a province, we are going to have them now with record tourism, record wine exports, and the Vaca Muerta find lurking in the future?
20. Toby, losing trade privileges with US and EU will make your wine sales plummet, instability will decrease tourism ( at least from EU UK USA which are the big spenders) you'll be left with Colombians, Chilenos, Brazilians that don't spend squat when they travel and you'll be long dead before any o/g gets out of the ground. Good luck with that!
Jun 01st, 2012 - 05:12 pm - Link - Report abuse 0We will make Argentina abide by its treaties and pay its debts just wait and see. It may be as soon as this year but definitely next year.
BTW BA is your largest population center BY FAR 1/2 the country lives there so if I were you I would pay attention to the politics. You pretend to know more of the USA, 15 hrs away by plane than you do of BA it'a a little dis-ingeniousness don't you think?
I know about national politics. Have you ever heard me talk about California or New York? I don't even know who their governors are (I only knew Schwarzenegger for obvious reasons).
Jun 01st, 2012 - 05:26 pm - Link - Report abuse 0Wine sales are still great to the US post act of agression, EU and UK will even be less effective as they are not as hardcore spartan people. Chileans and Brazilians actually spend quite a bit of money in Mendoza because the tourist we get are high-end for the boutique wine lodges and the ski resorts (rich brazilians adore to ski), and we are the main getaway city for Chileans from Santiago and Valpo regions which are half the population of the country, so we always draw them in great numbers, and sheer volume more than outweighs frugal spending habits. And Europeans adore Mendoza, Americans keep coming in great numbers there was an article on this just the other day on Los Andes. I'll bring it for you.
http://www.losandes.com.ar/notas/2012/5/30/duplico-numero-turistas-extranjeros-visitan-mendoza-645521.asp
100% increase in tourist since 2002, 90% increase in flights to Mendoza (this when the aviation industry in Argentina is DEAD).
Within days of the expropriation British, German, and Chinese cos were asking for the rights, and that's even as the specter of legal action was raised by Repsol.
HECK, even REPSOL is back in the game a bit with YPF. Imagine in a couple of years when the dust settles and internal fuel prices inevitably are brought to near international levels.
Plus, we have great companies like IMPSA world's biggest hydro and wind co, UN Cuyo runs Balseiro institute which helps at INVAP (world leader in satellite engineering and building, plus medical nuclear reactors), we have one of the world's premier eye-institutes (Saldivar Institute), Latin America's biggest mineral water industry (Villavicencio and Eco de los Andes). Add to that the oil, the ski resorts, the wine region, and that we are the retail center of the Cuyo region (4 shopping malls).
3% unemployment.
I am glad everything is rosy for Mendoza but pretty sure you will be sinking along with the rest of your country shortly. Maybe you should ask to rejoin Chile or maybe they will invade when it all goes to h*ll “to protect their interests”. You can only hope.
Jun 01st, 2012 - 05:47 pm - Link - Report abuse 0off topic but I can't wait to tell you all.....I love young boys.
Jun 01st, 2012 - 06:06 pm - Link - Report abuse 022
Jun 01st, 2012 - 06:07 pm - Link - Report abuse 0Plus, we have great companies like IMPSA world's biggest hydro and wind co,
im afraid it dosent even make the top ten
@23
Jun 01st, 2012 - 06:25 pm - Link - Report abuse 0Well the tide could go lo but if the ship is sound, it always stays above the waves.
You trully hate Argentina with a passion, never miss a change to say USA will destroy US, UK will bomb us, EU will bankrupt us, Chile will invade us, Brazil ditto, etc... you are a sad individual with a massive issue with us.
@4BK
Jun 01st, 2012 - 06:30 pm - Link - Report abuse 0Do you think she will notice that one of the curtains is missing from the front room?
26. I don't hate Argentina, but I hate Peronists, Progressives, Socialists, Marxists. They are ruining and have ruined what could be one of the richest countries in the world. It is a perfect example of what bad government can do to people's (country's) wealth. If not for living in Arg for as long as i did I would never have spotted Obama and the Dems as the devils they are and their will to turn the USA into Argentina.
Jun 01st, 2012 - 06:31 pm - Link - Report abuse 0http://www.argentinaindependent.com/category/culture/thoughtsofaforeigner/
Jun 01st, 2012 - 06:39 pm - Link - Report abuse 0a round up of the argentinain news lol
@28
Jun 01st, 2012 - 06:44 pm - Link - Report abuse 0There is nothing inherently wrong with socialism. It is how iti s applied, just as capitalism, that determines result.
In small countries in population, territory, and racial/ethnic composition, socialism tends to work much better. People are much closer, there's fewer of them and are homogeneous in values. In countries like New Zealand, Uruguay, Denmark, Finland, Costa Rica, such a system can work.
In huge countries, capitalism works much better because there are simply too many people, to huge a landmass, and to many different views and races to make it work from a socialistic office. Thus China, Russia, Brazil have done much better under a free-market mercantilist system, as has the USA. Also, countries with over 100 million people have “critical mass”, for a capitalist system to thrive: attracting brainpower, factories, and investment because there is a self-sustaining market.
You give the peronists too much credit. Ultimately, Argentina cannot prosper because it is too big to be socialist (thus corruption eats the system due to population, and the vast distances between cities), but too small to be capitalist (cannot sustain an internal market that can hold its own against international crisis).
Argentina is screwed because there is no system in existence today that is fit for the size of the country.
@30 Tobias
Jun 01st, 2012 - 08:20 pm - Link - Report abuse 0Please give example where socialism has worked for all people living under the system?
Costa Rica, Uruguay, Sweden, Norway.
Jun 01st, 2012 - 08:26 pm - Link - Report abuse 0Their GINI levels are increbibly low. That is the point of socialism, to provide a counterbalance and prevent massive inequalities in wealth.
32
Jun 01st, 2012 - 08:37 pm - Link - Report abuse 0you can write second paragraph in Norwegian nynorsk accent .
I don't know Nyorsk, which if I remember correctly is actually rather different from standard and Swedish/Danish. I plan in the next couple of years to learn some *basic* scandinavian, I was leaning Swedish simply because of the size of the country in population, and the fact I would be understood in other countries anyway.
Jun 01st, 2012 - 08:51 pm - Link - Report abuse 0@32Tobias
Jun 01st, 2012 - 09:00 pm - Link - Report abuse 0Sorry to disagree with you. Norway and Sweden are not socialist, their policies are. Yes they have free health care, free eduaction, social housing, unemployment benefit, etc, etc. Has does the UK. Whilst their GINI levels are low, these social services are paid for by money from other sources, has they are in the UK. There is no such thing as true socialism, the history of the 20C proved it. USSR and China, theonly two truly socialist states of that century have abandonned it. China still calls itself a socialist state, but if your honest, you know it is not. Who is left, Nth Korea? where the poor starve equally and ruling classes thrive.
@35 “where the poor starve equally and ruling classes thrive”. Possibly the best sentence I have read that accurately describes socialism.
Jun 01st, 2012 - 09:55 pm - Link - Report abuse 0Well said sir!!!!
Brazilian Socialism will dominate South America in the next 50 years. Brazil will pull Argentina out of it's troubles.
Jun 01st, 2012 - 11:22 pm - Link - Report abuse 0Brazils gift to the world= Beach Volleyball.
Jun 02nd, 2012 - 12:28 am - Link - Report abuse 0#6 “What are you after? A cabinet post or a shag?”
Jun 02nd, 2012 - 10:35 am - Link - Report abuse 0Naw just to wind up the right wing trolls. Don't think Elaine, cougar that she is, is interested and my views probably won't lead to me getting headhunted by Cameron!
#7 “Bk's posts are so creepy they make my skin crawl”
I could say the same for you Mr Might Is Right yanqui
#15 “The Mad Bitch of Argentina looks a LOT older now than she did in that photo, and it's not yet four years old”
I think she's getting better and better with age, like a fine wine =)
#30 “China, Russia, Brazil have done much better under a free-market mercantilist system”
I wouldn't defend everything in the old USSR but its a fact that living standards dramatically fell when Russia moved to a free market system.
#38 And people say I'm creepy lol
#39 BK you are seriously creepy. I think you are mentally unstable and are in desperate need psychiatric help.
Jun 02nd, 2012 - 12:42 pm - Link - Report abuse 0At least I'm not a racist warmonger who believes that might is right
Jun 02nd, 2012 - 03:33 pm - Link - Report abuse 0well said BK
Jun 02nd, 2012 - 07:45 pm - Link - Report abuse 0I don't think your creepy at all.
Nor me.
Jun 03rd, 2012 - 01:33 pm - Link - Report abuse 0Blind_Scottie_Kirchner
Jun 03rd, 2012 - 04:41 pm - Link - Report abuse 0Well, there are two scintilating examples of your supporters to be proud of.
Better them than you =)
Jun 04th, 2012 - 01:30 pm - Link - Report abuse 0Commenting for this story is now closed.
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