Uruguay: ‘It is every country's right to expropriate for strategical purposes’

In an interview with Spanish newspaper El País published today, Uruguayan Foreign Minister Luis Almagro backed Argentina’s decision to nationalize the country's biggest oil company YPF.

Almagro stressed “it is every country's right to expropriate for strategic purposes” adding “in that sense, the decision to expropriate is commendable.” He refused, however, to comment on the nationalization proceeding that spurred controversy and criticism by the Spanish government.

Almagro assured Latin America was a safe place for foreign investments and highlighted that the Spanish companies “maintain good results” in the region. He also said excluding Argentina from negotiations with the Mercosur would be “unthinkable.”