Presidency of Cristina Fernández de Kirchner May 2010, the President traveled to Spain for the European Union-Latin America and the Caribbean summit, where she was asked to compare the 2010 European sovereign debt crisis and the 2001 Argentine's default. Back in Buenos Aires, during the Argentina Bicentennial celebrations, Cristina Fernández did not participate in the military parade of 5,000 troops (which included delegations of Brazil, Chile, Uruguay, Bolivia, etc.) on the 9 de Julio Avenue, which was considered a gest of contempt towards the Argentine Armed Forces. In June 2010, her administration completed the debt swap (which was started by former president Néstor Kirchner in 2005)
YPF Investment in exploration at YPF as a percentage of profits had been far below those in most other Repsol subsidiaries. Market analysts and Repsol blamed the decline in exploration and production on government controls on exports and prospecting lease awards, and price controls on domestic oil and gas. Political risks and government intervention, including price controls, have discouraged foreign investment in oil production in Latin America in general. President Cristina Fernández de Kirchner raised YPF frequently in speeches during March 2012, claiming that underinvestment and excessive dividends at the firm had caused declines in output. Governors in six fossil-fuel producing