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Economy & Business - April 2012 (ISSN 1741-7430)
ARGENTINA: Spain’s lost battle of the River Plate
The decision by Argentina’s President Cristina Fernández to re-nationalise the oil company Yacimientos Petrolíferos Fiscales (YPF), the local subsidiary of Spain’s Repsol, had a bunch of possible motives, including an urgent need by a desperate government to get its hands on more cash to bankroll its populist policies; the desire to avoid another costly multi-billion dollar energy import bill and last but not least; a politically-motivated decision to deflect attention from a corruption scandal involving the vice-president Amado Boudou. All three arguments have some merit.
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