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Spain threatens Argentina on YPF

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Spain threatens retaliation against Argentina over the nationalisation of oil firm YPF, raising the prospects of a trade war.

YPF's controlling stake, owned by Spain's Repsol, was seized by President Cristina Fernandez's government.

Spain's Industry Minister Jose Manuel Soria said it was considering unspecified action on diplomacy, trade, industry and energy.

YPF's debt was also downgraded.

Ratings agency Moody's cut the oil firm's debt rating to B3 from Ba3, saying further downgrades were possible.

Shares in YPF fell by 30% on Wednesday in New York after trading in the group had been suspended for a day and a half.

It means the firm has lost some 70% of its share value since its peak in late January.

Argentina has taken 51% of YPF, wiping out Repsol's 57.4% majority stake.

Repsol executive chairman Antonio Brufau said Argentina's move "will not remain
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Added: Apr-19-2012 Occurred On: Apr-19-2012
By: MB-UK
In:
World News
Tags: Spain, Argentina, conflict, trade, war, YPF, oil, repsol, nationalisation, fugly, kirchner, fascist, hag
Location: Spain (load item map)
Views: 1640 | Comments: 10 | Votes: 0 | Favorites: 0 | Shared: 0 | Updates: 0 | Times used in channels: 2
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