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Brazil & Southern Cone - April 2012 (ISSN 1741-4431)
ARGENTINA: Fernández closes one door & opens another
There is a creaking noise in Argentina; it’s the sound of the door closing behind foreign investors. If the nationalisation in 2008 of the private pension funds and the flagship carrier, Aerolíneas Argentinas (AA), had raised questions about the security of foreign investments in the country, President Cristina Fernández on 16 April delivered her answer loud and clear: if the government deems that a foreign-owned company is not properly investing in the country, that company will be expropriated. Fernández said so herself in the hour-long speech in which she announced the seizure of Yacimiento Petrolíferos Fiscales (YPF), the local subsidiary of Spain’s Repsol. “Every company in Argentina” (even if its shareholders are foreign), “is an Argentine company”, she declared, and this requires that they re-invest in Argentina. Otherwise the state will step in.
- Unspooling Néstor’s legacy
- ARGENTINA: Fernández closes one door & opens another
- CHILE: Historic primaries suggest winds of political change
- URUGUAY: Back to where it once belonged
- ECONOMIC OVERVIEW: URUGUAY
- PARAGUAY: Senate resolution re-sparks institutional and political crisis
- BRAZIL: Intervening in support of growth
- BRAZIL: Lopsided growth is the dilemma
- BRAZIL: The US paces its outreach to Brazil in an election year
- BRAZIL: Brazil is prepared, says Lobão
- Mujica vows not to air dirty laundry