El reciente anuncio por parte de la presidenta argentina, Cristina Fernández de Kirchner, de la expropiación de un 51% del accionariado de YPF en manos de Repsol supone "un mezquino acto de piratería económica", aparte de una descarada discriminazión hacia la petrolera española, según afirma en un editorial el diario británico 'Financial Times'.
Pues yo aunque no lo veo bien, comprendo que expropien YPF si es en beneficio del pueblo, lo que ya no veo bien es que se lo van a vender a los chinos y los argentinos no van a ver ni un centimo por ello, se lo van a quedar todo los de siempre y lo peor de todo es que los politicos se lo venden como si fuera para el pueblo.
Announcing the nationalisation of Argentina’s largest oil company, YPF, Cristina Fernández declared that she was “a head of state and not a hoodlum”. Her actions, however, suggest the reverse.
The seizure of a majority stake from the Spanish oil company Repsol is only the latest in a series of worrying gestures from Argentina’s increasingly shrill president. In recent months, she has attempted to whip up nationalist sentiment over her country’s claim to the Falkland Islands. Her government stands accused of fiddling its inflation figures and stuffing the central bank with compliant bureaucrats.
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Depressingly, the expropriation has won easy applause in Buenos Aires, where it is seen as a blow for energy security. In reality, it is a shabby act of economic piracy in which Argentina has blatantly discriminated against Repsol, dispossessing it of almost all of its 57 per cent stake in violation of a bilateral investment treaty. Domestic investors, meanwhile, retain their shares unmolested.
Ms Fernández’s pleas of justification are thin indeed. She blasts Repsol for not investing in new production and forcing the government to spend its paltry reserves on importing petrol. Real responsibility rests, however, with the failed policies of her own administration – in particular its predilection for regulated prices that offer no incentive for investment.
A glance at Argentina’s oil production statistics tells the story. Production doubled to about 900,000 barrels a day in the 1990s after liberalisation and the privatisation of YPF. In recent years, under the meddling administrations of Ms Fernández and her late husband, Néstor Kirchner, it has fallen to just 700,000 a day.
Far from solving these problems, nationalisation is likely to deepen them. A state-owned YPF will have neither the technical expertise nor the capital to exploit the huge reserves of shale gas on Argentine territory, let alone the country’s offshore oil prospects. The expropriation will hardly encourage foreign investors to lend a hand.
It is unclear what price Argentina will pay for the shares, but given that a state tribunal will fix the price, it is fair to say that Repsol is likely to get a raw deal. Nothing will be paid for years in any event. Meanwhile, the loss of the majority of its oil and gas production is a heavy blow for the company to bear.
Spain has breathed fire, but its room for manoeuvre is limited. Other than shame, it has few sticks with which to beat Argentina. While multilateral action may be no more effective – Buenos Aires has a history of thumbing its nose at unwelcome international opinion – this should be pressed nonetheless. The European Union, in particular, has a role to play. There is a strong case for pressing for Argentina’s suspension from the G20. By tearing up international agreements, Ms Fernández is placing herself in the same camp as Venezuela’s capricious leader, Hugo Chávez. She should not be allowed to forget that actions have consequences.
Comentarios
Pero los recortes al pueblo de España le parecen de puta madre. En fin. QUE SE JODAN .
#3 El Financial Times también ha criticado los recortes..
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elconfidencial.comPues yo aunque no lo veo bien, comprendo que expropien YPF si es en beneficio del pueblo, lo que ya no veo bien es que se lo van a vender a los chinos y los argentinos no van a ver ni un centimo por ello, se lo van a quedar todo los de siempre y lo peor de todo es que los politicos se lo venden como si fuera para el pueblo.
El editorial de FT http://www.ft.com/intl/cms/s/0/d440a6ea-8893-11e1-a727-00144feab49a.html
A shabby act of economic piracy
Announcing the nationalisation of Argentina’s largest oil company, YPF, Cristina Fernández declared that she was “a head of state and not a hoodlum”. Her actions, however, suggest the reverse.
The seizure of a majority stake from the Spanish oil company Repsol is only the latest in a series of worrying gestures from Argentina’s increasingly shrill president. In recent months, she has attempted to whip up nationalist sentiment over her country’s claim to the Falkland Islands. Her government stands accused of fiddling its inflation figures and stuffing the central bank with compliant bureaucrats.
More video
Depressingly, the expropriation has won easy applause in Buenos Aires, where it is seen as a blow for energy security. In reality, it is a shabby act of economic piracy in which Argentina has blatantly discriminated against Repsol, dispossessing it of almost all of its 57 per cent stake in violation of a bilateral investment treaty. Domestic investors, meanwhile, retain their shares unmolested.
Ms Fernández’s pleas of justification are thin indeed. She blasts Repsol for not investing in new production and forcing the government to spend its paltry reserves on importing petrol. Real responsibility rests, however, with the failed policies of her own administration – in particular its predilection for regulated prices that offer no incentive for investment.
A glance at Argentina’s oil production statistics tells the story. Production doubled to about 900,000 barrels a day in the 1990s after liberalisation and the privatisation of YPF. In recent years, under the meddling administrations of Ms Fernández and her late husband, Néstor Kirchner, it has fallen to just 700,000 a day.
Far from solving these problems, nationalisation is likely to deepen them. A state-owned YPF will have neither the technical expertise nor the capital to exploit the huge reserves of shale gas on Argentine territory, let alone the country’s offshore oil prospects. The expropriation will hardly encourage foreign investors to lend a hand.
It is unclear what price Argentina will pay for the shares, but given that a state tribunal will fix the price, it is fair to say that Repsol is likely to get a raw deal. Nothing will be paid for years in any event. Meanwhile, the loss of the majority of its oil and gas production is a heavy blow for the company to bear.
Spain has breathed fire, but its room for manoeuvre is limited. Other than shame, it has few sticks with which to beat Argentina. While multilateral action may be no more effective – Buenos Aires has a history of thumbing its nose at unwelcome international opinion – this should be pressed nonetheless. The European Union, in particular, has a role to play. There is a strong case for pressing for Argentina’s suspension from the G20. By tearing up international agreements, Ms Fernández is placing herself in the same camp as Venezuela’s capricious leader, Hugo Chávez. She should not be allowed to forget that actions have consequences.
Copyright The Financial Times Limited 2012.
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