Spain says European Union will intervene on YPF case
Spain's Trade Secretary Jaime García-Legaz said today the European Union will intervene on his country's behalf over the Argentine government's plan to seize a controlling stake in YPF oil and gas company Repsol.
"There are going to be very clear interventions on the part of the European Union," said the senior Spanish official in Puerto Vallarta, Mexico, where top trade officials from the Group of 20 economic powers are meeting.
García-Legaz declined to give details on what steps the intervention would involve, but added that he expected colleagues from the G20 to support Madrid, which has threatened economic retaliation over Argentina's move.
"There will be declarations from the various members of the representatives of the Group of 20, and I think the message will be a very clear rejection of this decision," he said.
In addition, Spain would get support from Mexico and other Latin American nations, as well as the United States, he said.