Spain: “The decision of the Argentine Government is hostile”

Spain, April 16, 2012

Foreign Minister Jorge Garcia Margallo and Industry Minister José Manuel Soria gave a press conference where they expressed the anger of the Spanish Government by the Argentine government’s decision to expropriate 51% of the shares of YPF, property of the Spanish company Repsol. 

Thus, Margallo said “first, the decision of the government of Argentina to expropriate the shares in Repsol YPF is arbitrary. Second, the Spanish Government notes that the measure breaks the atmosphere of cordiality and friendship that governs relations between Argentina and Spain. Third, they broke the verbal agreement that was reached in Buenos Aires on February 28 at the meeting between Soria, for Spain and De Vido and Lorenzino for Argentina” and added “measures will be taken for the defense of Repsol and all companies and shareholders abroad.”

For his part, he also said that “the government got in touch with the institutions of Europe to discuss the arbitrary decision, asking them to discuss it in the plenary to be held in Strasbourg.”

And sentenced “this measure is extremely aggressive for the Argentine people, because it breaks the trust needed to attract investments they need to get out of their situation.”

Along these lines, Soria, Industry Minister, said “the decision is discriminatory, because it was announced the nationalization of a single company, which is YPF, controlled by Repsol.”

And he concluded “the decision violates the verbal agreement that took place last February 28 through De Vido, and Lorenzino of Federal Planning and Economy respectively. The fact had to be resolved in working groups. This affects thousands of shareholders who own shares of Repsol, is a decision that goes against them. Any act of hostility against a Spanish company in the world is against Spain and its government. It is a decision hostile to Spain and its government, and therefore we will act accordingly, which means that from this evening we will start to work on measures in relation to their decision.”