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Argentine lower house starts YPF takeover debate [View all]
Source: Reuters
Argentine lower house starts YPF takeover debate
By Helen Popper
BUENOS AIRES | Wed May 2, 2012 3:47pm EDT
(Reuters) - Argentina's lower house started debating the renationalization of the nation's largest energy company on Wednesday, a measure that is popular at home despite fierce criticism abroad.
President Cristina Fernandez angered Spain and other European trade partners last month when she unveiled her plan to expropriate a 51-percent controlling stake in YPF from Spanish oil major Repsol.
But her push to return YPF to state hands following its privatization in the 1990s has been cheered by Argentines who blame such free-market policies for causing a dire economic crisis a decade ago.
Senators passed the bill with overwhelming support last week with most opposition members voting in favor. A similar result is likely in the 257-seat lower house, which Fernandez also controls, letting her sign the bill into law later this week.
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By Helen Popper
BUENOS AIRES | Wed May 2, 2012 3:47pm EDT
(Reuters) - Argentina's lower house started debating the renationalization of the nation's largest energy company on Wednesday, a measure that is popular at home despite fierce criticism abroad.
President Cristina Fernandez angered Spain and other European trade partners last month when she unveiled her plan to expropriate a 51-percent controlling stake in YPF from Spanish oil major Repsol.
But her push to return YPF to state hands following its privatization in the 1990s has been cheered by Argentines who blame such free-market policies for causing a dire economic crisis a decade ago.
Senators passed the bill with overwhelming support last week with most opposition members voting in favor. A similar result is likely in the 257-seat lower house, which Fernandez also controls, letting her sign the bill into law later this week.
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Read more: http://www.reuters.com/article/2012/05/02/us-argentina-ypf-idUSBRE8411D620120502
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