UK, Spain 'join forces' to defend their companies in Latin America

Spain and the UK will join forces against attacks on their companies in Latin America, Spanish Foreign Minister José Manuel García-Margallo said, following the seizure of YPF.

“We have agreed on defending and mutually protecting each other in Latin America,” García-Margallo assured following a meeting with his British counterpart, William Hague.

“We have agreed to join forces and keep talks over our policies in Latin America, defending judiciary security and protecting the interests of Spanish and British companies whenever they are under attack.”

The Spanish Foreign Minister’s comments took place two months after the Government announced it was taking over YPF from Spanish oil giant Repsol.

The seizure caused a strong rejection in Europe and in international financial organizations including the IMF and the World Bank although no sanctions were implemented-

The UK also blasted several Argentine attempts of blocking British imports, the ban of several ships to Argentine ports and the threat of civil and penal lawsuits against UK companies linked with oil exploitation in Malvinas islands. As a matter of fact, Industry Minister Débora Giorgi urged local businessmen not to buy English products.

In a non related-measure, the World Trade Organization filed a complaint against Argentine restrictions to European imports, assuring they cause a real damage to European economy.