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Argentina forces Spain closer to the precipice
Assets seizure deals new blow as Madrid struggles with bond sale. When it rains in Spain these days, it truly pours misery. Argentina announced on Monday that it is planning to nationalise an oil company, YPF, in which a Spanish firm, Repsol, has a majority stake. Coming at a time when the government in Madrid has just rammed through the most severe budget since the death of General Franco, this must feel like an economic insult for Spain on top of already intolerable injury. The Spanish government has promised an "overwhelming" response to the threat to Repsol's financial interests in Argentina and the country's ... (full story)