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Weekly Report - 26 April 2012 (WR-12-16)
ARGENTINA: Senate rubberstamps YPF seizure
The length of the debate indicated one thing; the outcome of the vote proved another. This week, the Argentine senate spent 14-hours debating the bill submitted by the government of President Cristina Fernández to re-nationalise Yacimientos Petrolíferos Fiscales (YPF), the local subsidiary of Spain’s Repsol, a move that has triggered the most widespread international condemnation of Argentina [WR-12-15] since the 2001 default. However, the heated debate was not reflected in the voting at the end of the session, with 63 votes in favour of the bill, three against and four abstentions.
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