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 dollars. The nationalization was justified by the president as government protectionism during the crisis, and compared with the bank bailouts in Europe and the United States. It was criticized as a threat to property rights and the rule of law. Fernández resigned after the Kirchnerite defeat in the 2009 elections, and was replaced by Amado Boudou, president of the ANSES which had worked for that nationalization. Although inflation was nearing 25% and on the rise, Boudou did not consider it a significant problem. In January 2010, Cristina Kirchner created the bicentennial fund employing a necessity and urgency decree in order