The expropriation announced by President Cristina Fernandez de Kirchner of the shares of the Spanish multinational company REPSOL in its subsidiary YPF, privatized under President Carlos Menem, is a decision of great political importance for Argentina and for the peoples of Latin America and the world.

President Cristina Fernandez de Kirchner had already warned the foreign companies in the country that they had to stop the flight of capital that represents the increasingly sending of its profits to its European headquarters and accept a control of the performed prices in that country.

REPSOL had the protection of the World Bank and of the investment protection rules created in order to protect the capital and the transnational companies against any possible attempts of States to implement policies that serve against free competition. These regulations have been created with the objective to discourage governments to implement progressive policies in order to control strategic sectors and public interest.

The decision of the Argentinean government is a sovereign decision of a sovereign State that must be respected. The statements and threats of the government of Mariana Rajoy, of REPSOL executives and of spokesmen of the European Union are unacceptable.
The Party of European left condemns the retaliation measures decided at the European Parliament. On behalf of a so-called "legal security for investments outside the European Union" the European Council, the Brussels Commission and the right at the European Parliament support the law of transnational capital against the political and economic sovereignty of Argentina.

The takeover of the control of YPF by the Argentinean State is a political act of great importance: it shows the will of a government to enforce the respect for the national legislation before legal mechanisms that allow capital and major economic and financial groups above peoples’ rights.

The European Left Party congratulates for the regain of control of this development tool that will contribute to Argentina the necessary means in order to achieve energy sovereignty and develop public policies for economic and social development.
EL Executive Board,
21.-22.04.2012, Madrid