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The Truth About Nationalization

The Argentina / YPF Debate

JUNE, 2012 By James Knight -  Director of Pionero Partners, a LatAm-based strategic advisory consultancy Evo Morales’s May Day present to the Bolivian people this year, the nationalization of electricity firm Transportadora de Electricidad (TDE), caused some discomfort, especially in Madrid, coming shortly after the Argentine government’s YPF expropriation. TDE was 99.94% owned by REE, the Spanish electricity operator, and lack of investment was cited as the reason behind the move. Would the dominos of the old colonial power start to fall in South America? This is an easy conclusion to jump to. However, I don’t believe it’s the right one. First, 2 events do not constitute a trend. They are simply 2 points that can be linked on a graph. Second, circumstances and implications are very different. The Bolivian premier pulls a rabbit from the hat every Workers’ Day. This time round the announcement was more subdued. TDE represents onl....

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