Following the ruling of the United States Justice once morest Argentina for the expropriation of 51% of YPF sharesthe Buenos Aires governor, Axel Kicillofdescribed the sentence as a “legal absurdity” and “a violation of sovereign rights”. In addition, he defended the renationalization of the oil company as it is one of the “most important political decisions” of recent times.
in statements with Radio 10the former Minister of Economy criticized the decision of Judge Loretta Preska, who handed down the sentence, and considered that “the Argentine Justice misapplied”. “The sentence is an absolute legal absurdity. Judge Loretta Preska (of the Southern District Court of New York) is the successor to Thomas Griesa in the same court. In addition to misapplying Argentine Justice, it is a violation of sovereign rights of Argentina that this is being judged in New York. That’s why I say that everything has a known whiff“said the governor.
The US justice ruled once morest Argentina for the nationalization of YPF
The magistrate ruled in favor of the funds Burford Capital y Eton Park in a claim once morest the national State in the process for the expropriation of YPF. In this regard, the judge ruled that Argentina is responsible, but she agreed to the oil company’s request to dismiss the claims once morest it. For that reason, the national State must compensate the funds, but YPF was released from that obligation. However, the National Government still has two instances of appeal once morest the Burford Capital fund, which bought the right to litigate in the Spanish courts.
In this sense, Kicillof argued that “in any case it is not resolved.” “The amount of the sentence is not determined, so are all speculations, and second that it is going to be appealed because it is absurd. It is news of something that is incomplete and that going to have to keep fighting“, he asserted.
Added to this, he argued that he is not surprised by the ruling in “the middle of the campaign”, so it did not rule out that “other failures that are going around appear”. “This is an election year, so it doesn’t surprise me that the vultures come back right in the middle of the campaign. This reminds me a bit of 2015. Other rulings that are going around may also appear,” said the referent From the Front of All.
And I add: “It may be an onslaught of vulture funds always once morest the same political force, once morest the same people even. To the vultures outside are added the caracaras inside who want to use this in their favor in the campaign.”
“Example of governing with courage and love for the Homeland”: Kicillof’s defense of the nationalization of YPF
In the midst of his statements, the governor defended the renationalization of YPF, which he considered as “one of the most important political decisions of the last decades”. “Recovering YPF is one of the most important political decisions of the last decades, it is an example of what it was like to govern with courage and love for the country,” said Kicillof.
In addition, he stated that this measure “marked a before and following in terms of energy policy.” “There was a total emptying out with the privatization that took place in the ’90s, and from there YPF recovered, Vaca Muerta was launched“, he explained.
The expropriation of YPF might cost Argentina up to US$5.2 billion
“At that moment it was decided to recover the company and control was expropriated. What the rest of the shareholders are doing now, once morest Argentine law, that is to say that the YPF statute is above the expropriation law. If they claim it in an Argentine court, surely no one would agree with them“, argued the former head of the Palace of Finance.
“There is a long way to go and what they have done is very arbitrary. Legal risks with any of these situations always exist. In this case, the advantage that there is, has been and will be for Argentina by having recovered YPF is very clear,” he emphasized.
Kicillof criticized the reaction of the opposition following learning of the ruling
Asked regarding the criticisms made by opposition leaders regarding the economic impact that the ratification of the US ruling would generate in Argentina, the governor replied: “They are not right. If they apply false rulings and outside the law, they can cause you damage. There is always risk with any of these situations. What one might do is not make any decision, which is not appropriate.”
In addition, he stressed that “the decision to expropriate YPF was taken by the National Congress by a large majority where the radicals voted, Miguel Ángel Pichetto voted.” In this sense, he warned that “if this election is won by macrismo, if Juntos por el Cambio wins, there is no doubt that they are going to privatize YPF once more. This is what’s at play”.
Added to this, he considered that the opposition leaders seemed “very happy with Repsol and with the emptying”. “All those who now seem to be once morest having recovered YPF and are once once more with the project to privatize it are those who celebrate ‘how good Vaca Muerta is,’ and Vaca Muerta exists because YPF was recovered,” Kicillof concluded.
MB / ED
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