Renationalization of YPF Renationalization of YPF President Cristina Fernández de Kirchner of Argentina introduced a bill on April 16, 2012 for the partial renationalization of YPF, the nation's largest energy firm. The state would purchase a 51% share, with the national government controlling 51% of this package and ten provincial governments receiving the remaining 49%. The bill was overwhelmingly approved by both houses of Congress, and was signed by the president on May 5. The government of Argentina eventually agreed to pay $5 billion in compensation to Repsol, which had previously owned YPF. YPF was founded in 1922 as the first oil company
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