Argentina is taking another big step on the road to serfdom:
Argentina’s president, Cristina Fernández de Kirchner, announced on Monday that the government would seize a majority stake in YPF, the nation’s largest oil company.
The expropriation would reassert state control over an important pillar of Argentina’s economy but has already led to diplomatic tensions with Spain and other countries, including the United States.
Under Mrs. Kirchner’s plan, which she announced on national television, Argentina’s government would take a 51 percent controlling stake in YPF, which is currently majority-owned by a Spanish energy company, Repsol. Argentina’s central government would keep 51 percent of the country’s stake and give 49 percent to its provinces. The plan is part of a bill submitted to Argentina’s Congress. ...
... But energy experts warned that the expropriation of YPF could curb the activities of energy companies seeking to replicate in Argentina the recent success in the United States of rapidly bolstering shale oil production.
Fadel Gheit, a senior oil analyst at Oppenheimer & Co. in New York, said the perception of financial risk associated with Argentina had ratcheted up considerably as a result of Mrs. Kirchner’s move to take over YPF, in comparison with other countries where companies are pursuing shale deposits.
“I worry less about Apache’s operations in Egypt than in Argentina,” said Mr. Gheit. “The oil industry in Argentina is just getting ready to take off, but this may be a way to kill it in its infancy.”THIS WILL KILL THE ENERGY BIZ IN ARGENTINA.
AND THE SOCIALISTS ARE DOING THIS WHILE RATTLING THEIR SABERS OVER THE FALKLANDS.
BOTH POLICIES ARE ACTUALLY HARMFUL TO ARGENTINA AND ARGENTINIANS AND ARE SOLELY PROMOTED BY THE SOCIALISTS FOR PSEUDO-POPULIST/CYNICAL POLITICAL REASONS.
LIKE OBAMA, THEY FAVOR POLICIES THAT HELP THEIR MACHINE EVEN IF IT HURTS TH NATION.