Repsol nationalize its oil and gas production. Results however show that the move to nationalize actually hurt oil production in Argentina. Compared to the oil production in 2011, YPF’s oil production in 2012 fell by 8%, according to data from Argentina’s Department of Energy. Repsol had the backing of the EU and the US, and both powers condemned Argentina’s move as expropriation. President Fernández claimed that the state would seize 51% of YPF. In June 2013, Repsol rejected a $5 billion proposal from Argentina to compensate for the 2012 expropriation. The proposal also would have given Repsol drilling rights to 6.4%
Presidency of Cristina Fernández de Kirchner on January 12 against a central bank account in New York. Judge Sarmiento also annulled the decree that removed Redrado and reinstated him as President of the Central Bank the following day. The ruling also refuted claims of mis-conduct cited by President Cristina Kirchner to justify his removal. International media described the attempted removal of Redrado as authoritarian, while criticizing the planned use of reserves for debt retirement, as well as accelerating spending growth, as fiscally irresponsible. Opposition Congresswoman Elisa Carrió, a likely candidate in the upcoming 2011 presidential campaign, has raised the possibility of impeachment procedures against Mrs. Kirchner.