As expected, the Fund's Board of Directors approved the review of Argentina's program, although it made it clear that Massa failed to meet all goals. The IMF applauds the fiscal effort promised by...
The Government took over YPF and will expropriate 51% of the company
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The Government took over YPF and will expropriate 51% of the company
Second week
April 2012
Following several weeks filled with rumors, the government finally seized YPF and sent a bill to Congress that declares “hydrocarbon self-sufficiency, as well as its exploitation, industrialization, transportation and commercialization, is a matter of public interest and a national priority”.
The bill also states that YPF S.A. be declared of public usefulness and thus be subject to an expropriation of 51% of its Class D shares owned by Repsol YPF.