YPF military coup against Yrigoyen backed by, among others, foreign oil interests. YPF was privatized in 1993 and bought by the Spanish firm Repsol S.A. in 1999; the resulting merger produced 'Repsol YPF'. The renationalization of 51% of the firm was initiated in 2012 by President Cristina Fernández de Kirchner. The government of Argentina eventually agreed to pay $5 billion compensation to Repsol. The company, specializing in the exploration, production, refining and commercialization of petroleum, had its origin in 1907, when oil was discovered near the city of Comodoro Rivadavia in Chubut. Following World War I, oil had become an important
Cristina Fernández de Kirchner bill. It was rejected by many sectors of society. The first big demonstration (a "cacerolazo") took place in September 2012. It was not called by specific politicians or social leaders, but by the public using social networks. The massive turnout was completely unexpected by both the government and the opposition. People also protested the 2012 Buenos Aires rail disaster, the conflict between Kirchnerism and the media, rising crime rates, and the tight currency controls. Kirchner dismissed the demonstration, and said that she would continue working as before. Most of the Kirchner loyalists, however, preferred simply to ignore the protest. A