An Influential U.S. Senator Proposes to Suspend Argentina to the G-20 in the Case of YPF
The influential U.S. Sen. Richard Lugar has proposed the suspension of Argentina’s G-20 after accusing the president of that country, Cristina Fernandez of “breach of the regulations and international agreements” for the expropriation of Repsol YPF to the Spanish group, said today his office.
Lugar, the ranking Republican on the Foreign Relations Committee of the Senate, introduced a draft resolution last day 10 to determine the presence of Argentina in the G-20 to that country “to adhere to international economic relations and commitment to the rule of law. ”
Asked today by Efe, the Foreign Relations Committee reported that it has not scheduled a vote of the initiative.
Although the resolution is not binding, has no legal weight-with Senator Lugar she intends to send a clear message that the U.S. Senate disapproves the nationalization of YPF, which came into force on 7 May, the Committee said.
The four-page document accuses Argentina of violating their “responsibilities inherent to membership in the G-20″, a group created in response to the global financial crisis of 1997 and brings together 19 countries and the European Union.
The resolution calls for the administration of U.S. President Barack Obama, “working with the governments of the G-20 to suspend the participation of the Republic of Argentina in the G-20 until the government of Argentina has fully demonstrated its intention to accede to international economic relations and commit to (respect) the rule of law. ”
It also asks that the Obama administration working with the other members of that group to “condition any restoration of the membership of Argentina in the G-20 to its demonstrated compliance with its commitments and international obligations.”
The U.S. State Department has warned that the decision of the Government of Buenos Aires to expropriate 51% of the shares of Repsol YPF in Argentina’s oil creates a climate of investment climate “very negative” and affects “all international community. ”
Lugar, who has 36 years in the U.S. Senate, was defeated in the Republican primary past your state, Indiana, a member of the ultraconservative movement “Tea Party”, so that you can not stand for reelection in the upcoming elections November 6.
Category: Personal Finance
