De Gucht also said the block would take measures to shield itself from an insecure investment climate.
European Trade Commissioner Karel De Gucht said today Argentina is in for long term consequences after sending “shockwaves” internationally with the announced plans to expropriate 51 percent of YPF shares owned by Spain-based Repsol energy company.
«By taking this action, Argentina has sent shock-waves through the international business community,» De Gucht said in a speech.
«The consequences for its own economic development will be felt for a long time to come,» he told the European Parliament’s Committee on International Trade (INTA).
De Gucht also said the bloc would take measures to shield itself from an insecure investment climate. The expropriation of YPF’s shares, he said, “remind us all of the importance of moving quickly to equip the European Union with all the means it needs to implement an effective investment policy.”
The Commissioner said the bloc is looking into retaliation measures “taking into account of the fact that this follows a series of unjustified and damaging protectionist measures recently introduced,” De Gucht pointed out.
buenosairesherald.com