Subscribe free to our newsletters via your
. Earth Science News .

U.K., Spain work on S. America investments
by Staff Writers
London (UPI) May 30, 2012

disclaimer: image is for illustration purposes only

Britain and Spain vowed to work together to protect business assets and investments under threat of nationalization and unilateral seizure by governments in Latin America.

The two governments announced their agreement after Spanish Foreign Minister Jose Manuel Garcia-Margallo met with British Foreign Secretary William Hague in London.

The ambitious plan was seen by analysts as a response to Spanish frustration over Argentina's confiscation of Repsol's local energy company YPF and Bolivia's nationalization of Red Electrica de Espana's local unit.

Spain is reported content with Bolivian assurances that Red Electrica will be adequately compensated but is battling to keep its temper over Argentine actions.

On the government's bidding Spanish King Juan Carlos intervened to resolve differences but was rebuffed by Argentine President Cristina Fernandez de Kirchner, who spearheaded a swift takeover of YPF Repsol with legislative support from the national congress. No compensation was offered despite repeated Spanish demands.

Britain's support to the planned pooling of political clout, such as it may exist, follows what London sees as Argentine government-backed harassment of its South Atlantic territory, the Falkland Islands.

Argentina invaded the islands in 1982 but was repulsed by Britain in a 74-day conflict that caused 907 deaths.

Argentina is pursuing an international campaign to force Britain into talks over Falklands sovereignty, which Argentina disputes and claims as its territory.

It was unclear if Garcia-Margallo's gesture signaled the start of a strategic alliance between Britain and Spain in Latin America or was part of rhetoric aimed at Buenos Aires.

"We have agreed on defending and mutually protecting each other in Latin America," Garcia-Margallo said.

He said the two countries will "join forces and keep talking over their policies in Latin America, defending judicial security and protecting the interests of Spanish and British companies whenever they are under attack."

Britain has been angered by Argentine blockade of shipping to and from the Falklands, Argentine sanctions and threats of lawsuits against companies exploring offshore for oil and a government-led call to Argentine businesses to boycott British goods.

Argentina is facing international condemnation and is at risk of losing preferential trade with Europe and the United States in separate U.S. and EU actions.

The planned British-Spanish collaboration contrasted with recent heated arguments between the two countries over the status of the British territory of Gibraltar, which has been at the center of negotiations over "shared sovereignty." Britain is a major creditor of Spain, its current financial restructuring a source of major worries for British banks and other investors.

It also sees Spain as a valuable interlocutor in Latin America because of its historical links, even as they don't always work to Madrid's advantage.


Related Links
Global Trade News

Comment on this article via your Facebook, Yahoo, AOL, Hotmail login.

Share this article via these popular social media networks DiggDigg RedditReddit GoogleGoogle

Memory Foam Mattress Review
Newsletters :: SpaceDaily :: SpaceWar :: TerraDaily :: Energy Daily
XML Feeds :: Space News :: Earth News :: War News :: Solar Energy News

Peru arrests 15 activists protesting Xstrata mine
Lima (AFP) May 29, 2012
Peruvian police on Tuesday arrested 15 activists spearheading a protest against Swiss mining company Xstrata over allegations it is polluting rivers. Herbert Huaman, head of the Front for the Defense of Espinar and main leader of the movement, was among those detained on the ninth day of demonstrations that have claimed two lives and injured dozens. Images of the arrests were shown on local ... read more

Ferrari auction to raise money for Italy quake

Sandia Labs technology used in Fukushima cleanup

Peru carries out nationwide earthquake safety drill

Quake survivors' misery as Italy counts the cost

Short movies stored in an atomic vapor

Oracle aims to dethrone IBM in business hardware

Mathematicians can conjure matter waves inside an invisible hat

VTT researcher finds explanation for friction

Warm, dry El Nino weather puts baby sea turtle at risk

DNA evidence shows that marine reserves help to sustain fisheries

BGU Researchers Test Solar Desalination System for Arid Land Agriculture

Not a 1-way street: Evolution shapes environment of Connecticut lakes

New theory addresses frozen Earth paradox

New Study by WHOI Scientists Provides Baseline Measurements of Carbon in Arctic Ocean

Illuminating the Ancient History of Circumarctic Peoples

Toxic mercury, accumulating in the Arctic, springs from a hidden source

Australia and China eye joint farming plan

Shiraz with your Peking Duck? Sacre bleu!

One in seven suffer malnourishment: UN food agency

Women warming to white wines in China: experts

Autopsy of an eruption: Linking crystal growth to volcano seismicity

Aftershocks in Italy's quake-struck northeast

Forest Recovering from Mt. St. Helens Explosion

Autopsy of a eruption: Linking crystal growth to volcano seismicity

Sierra Leone's gruesome civil war

Mali deserters in Niger face uncertain future

Gambia detains G.Bissau ex-army chief, ousted minister

DR Congo senior officer defects to join eastern mutiny

Family values

Suspicion resides in two regions of the brain

Personality genes may help account for longevity

Chimpanzees have human-like personalities

The content herein, unless otherwise known to be public domain, are Copyright 1995-2014 - Space Media Network. AFP, UPI and IANS news wire stories are copyright Agence France-Presse, United Press International and Indo-Asia News Service. ESA Portal Reports are copyright European Space Agency. All NASA sourced material is public domain. Additional copyrights may apply in whole or part to other bona fide parties. Advertising does not imply endorsement,agreement or approval of any opinions, statements or information provided by Space Media Network on any Web page published or hosted by Space Media Network. Privacy Statement