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 threats as mere conspiracy theories. In her speech, she accused the "vulture funds" of destabilizing the economy of the countries and called them "economic terrorists". The government promoted several new laws and law amendments, such as an overhauled civil code, hydrocarbon law and telecommunications law. Cristina Kirchner was denounced in the Hotesur scandal over a firm headed by her and her sons to manage the hotels in Calafate. She is suspected of using the hotels for money laundering. The judge Claudio Bonadio, heading the case, was in turn called for impeachment. On 14 January the federal prosecutor, Alberto Nisman, filed