In what can only be described as grand theft, Argentine President Christina Kirchner is proposing to steal 51% of the country’s largest oil producer YPF. This is a company that prior to this action was majority owned by Spain’s Repsol YPF (REPYY, REP.MC), and it is a clear warning shot to investors seeking opportunities in the country. Kirchner’s complaint is that the company isn’t spending enough on production but to seize a company will only stifle capital investments into the country. With all of the issues that Spain is facing at home this must be a really negative development. Hopefully policymakers across the globe will prevent this action from actually happening.
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