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Behind the Money
Argentina’s $16bn saga with a US court
Oct 4, 2023
Argentina's nationalization of an oil company in 2012 has led to a court ruling that the country owes $16bn to shareholders. This adds to Argentina's economic challenges, including high inflation, negative reserves, and upcoming presidential elections. The podcast explores the implications of the ruling, Argentina's past battles with American hedge funds, and the likelihood of payment. It also discusses the political divide in Argentina and the impact of economic mismanagement.
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Quick takeaways
- Argentina's nationalization of an oil company in 2012 led to a $16 billion judgment against the country, highlighting the risks of expropriation and the importance of respecting obligations to shareholders.
- The ruling has significant political implications for Argentina's upcoming presidential election and adds further complexity to the country's economic recovery, potentially resulting in a likely settlement with financial concessions.
Deep dives
Argentina's decision to expropriate YPF
In 2012, Argentina's President Fernandez de Kirchner announced the expropriation of 51% of the shares of oil company YPF, turning it into a state-run company. The move was seen as an assertion of Argentina's sovereignty and a critique of the private sector's performance. However, this decision proved detrimental to the country, resulting in worsening economic crises, soaring inflation, and negative reserves in the central bank. The recent ruling by a judge in New York ordering Argentina to pay $16 billion to YPF shareholders for the seizure has further added to the country's financial pressures.
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Discover
highlights
Listen to the best highlights from the podcasts you love and dive into the full episode