Bloomberg News

Zoellick Says Argentina’s Nationalization of YPF a ‘Mistake’

April 19, 2012

Argentina’s decision to nationalize oil producer YPF SA (YPFD) was a “mistake” and the “wrong thing to do,” outgoing World Bank President Robert Zoellick said.

Argentine President Cristina Fernandez de Kirchner on April 16 announced plans to seize a 51 percent stake in YPF from Spain’s Repsol-YPF SA. The expropriation follows the takeovers of airline Aerolineas Argentinas SA and a $24 billion in pension funds by Fernandez since she took office in 2007.

Zoellick, whose term ends June 30, also said the Eurozone is going to be “walking a very fine line” and the region’s banking system “remains under significant stress.”

Jim Yong Kim, the candidate nominated by the U.S., was selected April 16 to head the World Bank.

To contact the reporter on this story: Ian Katz in Washington at ikatz2@bloomberg.net

To contact the editors responsible for this story: Chris Wellisz at cwellisz@bloomberg.net


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