Public-Interest State Reinvented In Argentina YPF Expropriation

The Argentine government’s sudden, hit-and-run expropriation of the majority foreign-owned stake in energy giant Repsol YPF SA is a response to everything from the global economic crisis and particularly how Europe has handled it to the attempt to reinvent a state that puts the public’s immediate interests first.  Spain, of course, is furious. It was Repsol YPF SA’s largest investor and had recently hedged its bets on 23 billion barrels of shale oil and gas discovered in Argentina. However, it also accompanied that revelation…

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