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ARGENTINA - shame for Latin America
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After announcement of nationalization, Argentina debate value of YPF 'Confiscation'
Brufau said the price of the company will not be defined by Kicillof, suggesting a disputethe real value of international expropriation. Former Energy Secretary Jorge Lapena said that Argentina pay "price too low" will be formalizing a "confiscation" of the company. "I would not say it's worth $ 12 billion, for example, but we can not pay $ 2 billion or be conducting a seizure," said the expert. Former Energy Secretary Daniel Montamat said that this discussion should end "in a good deal" for both sides - Repsol and the Argentine government. "If there is no agreement, the Argentine future generations will end up paying this account at some point," he said. But he said the agreement will be difficult to achieve. "The Spaniards speak as much as $ 18 billion, based on its statutes. Argentina speaks in another calculation method, which includes debt. Methods are different and difficult to reach an agreement," he says. Setting the value of the company shall be fixed by the Court of Tax, attached to the Ministry of Planning. In a debate in the Senate, where experts were heard by the legislators, the historian Nicolas Gadano said today that it is difficult to know the real value of the company. "YPF once had 50,000 employees in 1980. But it was a time when the unions had too much power there and the company would break. Therefore Argentine society has accepted privatization in the 1990s," said Gadano "Today, it has approximately 17 000 employees, but may be expropriated to clear fire of government debt or to make the industry grow? "he asked. Brazil In the debate, experts and lawmakers cited Brazil several times, as "an example of energy" that should be copied by Argentina, as I had suggested to the President in his speech Monday. "The Brazilian model is very efficient to administer the assets of the country. Brazil has achieved in 15 years to move from oil importer to self-sufficiency and with great presence of the state," said Lapena. According Lapena with Montamat and political analyst Sergio Berensztein, consultants polyarchy, Brazil "ends up attracting investors for its long-term policy." For them, Argentina would generate "unpredictability" to the sector. Listened to the BBC Brazil, the constitutionalist Sabsay Daniel said that "parties should set" the price of the company and "how the discussion will be forwarded." The measure on expropriation of YPF generated a strong reaction from the Spanish authorities and led Argentina to be the subject of major newspapers in the world. "(Expropriation) greatly affects the reputation of Argentina in the world," said the Spanish prime minister, Mariano Rajoy. In 2001, Argentina had also generated strong suspicion by declaring the default of the private debt of the country - at the time touted as the largest default in history. Today, government supporters, opposition sectors, social movements and unions support the re-nationalization of YPF. But Senator Liliana Negre de Alonso, Appointment of the Federal Alliance, asks: "What are we buying? YPF brand? Assets? How much is the company? Are questions we have." MORATORIUM ARGENTINA "Great Néstor Kirchner. Imposed on the banks of the largest default ever. You will pay between 25 and 30 cents for every dollar owed. Managed to restructure something between 70% and 80% debt. A success even by the standards required by their worst critics. A bill of $ 102 billion will be for $ 30, said Elio Gaspari under "Kirchner gave the largest default in history" (The People, Fortaleza, 02 March 2005, p. 20), indicating the paper read by distinguished dr. Eduardo B. Diatahy de Menezes, professor of the Ph.D. and MA in Sociology and a Masters in Social History at the Federal University of Ceará (UFC). The facts Argentina launched on 12 January 2005 proposal to end the moratorium declared on 24 December 2001 by Adolfo Rodriguez Saa, President of 23 December 2001 to 02 January 2002 (with the resignation on 20 December 2001 by Fernando de la Rua, elected on 24 October 2000, Argentina had five presidents in ten days). The moratorium came the suspension of all payments of all debt instruments. In the period February 14 to 25 2005, Argentina's creditors had the option to join the process of exchange of securities in default, the value of U.S. $ 81.8 billion for new bonds, with issuance planned for 01 April In 2005. If the process had a membership of up to 70% of creditors, the issue would be $ 38.5 billion, corresponding to the nominal discount of 53%. If the process had a membership of over 70% of creditors, the issue would be $ 41.8 billion, corresponding to the nominal discount of 49%. At the time of the moratorium, the Argentine public debt reached 150% of GDP (Folha de S. Paulo, São Paulo, 13 January 2005,
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