Margallo also condemned Argentina for affecting commercial relations between Europe and the Mercosur.
Spain’s Foreign Minister José Manuel García Margallo said today that the Argentine government plans for the expropriation of YPF shares will end up a case at the World Bank International Centre for Settlement of Investment Disputes (ICSID).
“It doesn’t look like it worries Argentina’s authorities very much since when they loose, they don’t pay,” the Spanish official told Chilean conservative newspaper El Mercurio.
“The case will end at the World Bank International Centre for Settlement of Investment Disputes, in Washington. Argentina accounts for 50 percent of the world’s cases registered at the ICSID and for 50 percent of the South America’s arbitrations,” Margallo remarked.
The Foreign minister also openly criticized President Cristina Fernández de Kirchner government by saying her administration had “no direction” and that it would cause “serious damage to Argentina.”
Margallo also condemned Argentina for affecting commercial relations between Europe and the Mercosur. “ It is not fair for the countries of the Mercosur to be left out of the system for tariff preferences because Argentina cannot respect the rules.”
ICSID is considered to be the leading international arbitration institution devoted to investor-State dispute settlement. The primary purpose of ICSID, according to the World Bank, is to provide facilities for conciliation and arbitration of international investment disputes.
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