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Spain says Argentina shot itself in foot


Spain has warned Argentina that it will face retaliation over its decision to nationalise the Spanish majority stake in the YPF oil company.

Foreign Minister Jose Manuel Garcia-Margallo said Argentina had "shot itself in the foot" and damaged relations.

The majority stake in YPF is owned by Spanish oil firm Repsol.

President Cristina Fernandez said its expropriation was aimed at "recovering sovereignty" over natural resources.

The nationalisation alarmed investors but is said to be popular in Argentina.

Repsol has said it will demand compensation of up to $10 billion (£6.2 billion) for its 57% stake.

"These acts will not remain unpunished," Repsol executive chairman Antonio Brufau told reporters.

Spanish Prime Minister Mariano Rajoy said Repsol's share was being expropriated "without any justification".

"I must express my profound unease. It's a negati

Added: Apr-18-2012 Occurred On: Apr-18-2012
World News
Tags: Argentina, Spain, UK, EU, Europe, retaliation, repsol, ypf, oil, company, nationalisation, argie, cunts, Kirchner, ridiculous, fugly, fascist, hag
Location: Argentina (load item map)
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