Argentina seizes YPF oil Group from Spain

The Argentinean government seized control and nationalised the YPF group which was 57% owned by Spanish company Repsol. The Spanish government reacted angrily to the news and will be taking sanctions against Argentina. Repsol claim the nationalisation is outrageous and have threatened legal action. 

The asset grab will have serious implications for Argentina as international investors will be reluctant to invest in the country. This is not the first time Argentina has received negative press, back in 2001 the country defaulted on its sovereign debt to the outrage of major International banks. The banks have closed credit to Argentina ever since and its reputation  as a place to do business had already reached rock bottom prior to the YPF announcement.