Argentina’s government is incurring the wrath of Spain with the nationalisation of YPF to reduce oil imports, according to President Cristina Fernandez – who is being feted in the Argentine press.
One newspaper headline called Fernandez ‘Mrs Courage’, but the praise is not universal.
Buenos Aires resident Julio Olax said: “I think getting our national heritage back is great. It’s not the only thing and I think all Argentines have come together to agree so that the country can belong to Argentinians – not foreigners.”
However, another woman who also lives in the capital, did not approve of the way the situation had developed: “I agree that a country’s energy company has to be state-owned, but not like this. It has been done in a very messy way, and it’s another international embarrassment,” she said.
Spanish firm Repsol had previously been told by Fernandez to boost production and was accused of under-investment, before the decision to expropriate the shares that give it an almost 60 percent holding in one of Argentina’s largest oil companies.