MEXICO: Economy Secretary Bruno Ferrari criticizes Argentina's plans to seize control of leading energy company YPF

Record ID: 305121

  • Title: MEXICO: Economy Secretary Bruno Ferrari criticizes Argentina's plans to seize control of leading energy company YPF
  • Date: 17th April 2012
  • Summary: PUERTO VALLARTA, JALISCO, MEXICO (APRIL 16, 2012) (REUTERS) STATUE IN PUERTO VALLARTA VARIOUS OF MEXICAN SOLDIERS STANDING GUARD MEXICAN FEDERAL POLICE OFFICERS VARIOUS OF MEXICAN SOLDIERS AND MILITARY VEHICLES GENERAL VIEW OF NEWS CONFERENCE (SOUNDBITE) (Spanish) BRUNO FERRARI, MEXICAN SECRETARY OF THE ECONOMY, SAYING: "The rubric by which the progress of our conti
  • Embargoed: 2nd May 2012 13:00
  • Keywords:
  • Location: Mexico, Mexico
  • Country: Mexico
  • Topics: Economy
  • Reuters ID: LVA738YSEMYKQXSA4ALSTTMP0XI3
  • Story Text: Mexico's Secretary of the Economy Bruno Ferrari criticized on Monday (April 16) Argentine President Cristina Fernandez's announcement of plans to seize control of leading energy company YPF.
    As federal police and Mexican military forces patrolled the near the Puerto Vallarta hotels where the World Economic Forum is scheduled to take place, Ferrari held a news conference where he weighed in against nationalisation.
    "The rubric by which the progress of our continent, and the progress of world commerce, is economic integration, being open to commerce and the freedom to operate that commerce. It's not in despotism or nationalization. In this case we will have to see exactly, very respectfully, that is driving Argentina. We'll have to see, through our competent authorities, why exactly this is being done. In our view, the more commerce there is, the more jobs are available," he said at a news conference ahead of the forum.
    YPF, which is controlled by Spain's Repsol, has been under intense pressure from Fernandez's center-left government in recent months and its share price has plunged due to months of speculation about a state takeover.
    The Spanish government has already said it would take action against Argentina over the move. Spanish Prime Minister Mariano Rajoy Brey is scheduled to take part in the World Economic Forum.
    "The ministers should recognize the importance of maintaining open markets, so that commerce can be fluid, through global and regional links. The ministers must also recognize the importance between commerce and growth," Ferrari added.
    The World Economic Forum, based in Geneva, Switzerland, is an independent, international organization with the stated aim of "improving the state of the world" by gathering leaders to shape global, regional and business agendas.
    The forum on Latin America - entitled "Regional Transformation in a New Global Context" will include over 900 participants from over 70 countries, including the Heads of State of Mexico, Guatemala, Panama and Suriname.
    The World Economic Forum in Puerto Vallarta comes just after the Summit of the Americas in Cartegena, Colombia, and before the Rio+20 Summit due to take place in Rio de Janeiro, Brazil in June.
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