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Argentina pays price for asset grab nationalisation

The past 12 months show that nationalisation of YPF has been disastrous for both the company and the country

The political theatre was everything Cristina Fernández de Kirchner could have hoped for. Standing under a smiling portrait of Eva Peron in April last year, the Argentine president announced she was nationalising 51% of Repsol's majority stake in YPF. The company, Argentina's largest, had been privatised in the 1990s as part of the country's neoliberal economic reforms. Fernández was taking it back in the name of the Argentine people. Repsol's Spanish executives, who were locked out of YPF's headquarters as Fernández, hinting at the countries' colonial past, accused them of "plundering" the company, were forced to beat a path back to Madrid. Jubilant crowds celebrated in the streets, waving

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