13 April 2012

SPAIN / EU / ARGENTINA : Madrid Warns Cristina Over Seizing Repsol's YPF Assets.


      Spain is warning President Cristina Fernandez not to nationalize Repsol's YPF Argentine unit...because of disputed low production...or be prepared for 'retaliation'.
      A top Spanish official claims Buenos Aires will become 'an international pariah' after a takeover of the oil giant's profitable Argentine branch.
     YPF currently provides Repsol with 25% of its profits.
    "I think that if it happens, it would be very bad news for everybody, but also for Argentina because in the international community we live in, breaking the rules bears a cost," said Inigo Mendez de Vigo.
    The rumored takeover announcement was expected Thursday...but did not occur. 
    Instead President Cristina discoursed about locally produced chocolates, yerba production and beef exports...ignoring the  simmering YPF issue.
    Officials say the YPF dispute is still under review.