Amid signs of economic stabilization and an adjustment program that is beginning to show results, the Government received a harsh decision from a federal judge in New York: 51% of the oil company's shares were ordered to be transferred from the state as part of the payment of a judgment for more than $16.000 billion.
The ruling responds to the partial expropriation of YPF in 2012, and benefits the funds Burford Capital and Eton Park, who acquired the litigation rights. The judge considered that Argentina breached the company's internal rules by not offering equal treatment to all shareholders. Javier Milei announced that it will appeal the measure, stating that the delivery of the shares would require authorization from Congress and that the ruling is legally unenforceable.
The news caused a strong impact on the markets: YPF shares plummeted more than 5% in both Buenos Aires as in New York, while analysts warned that the litigation could complicate Argentina's return to international credit markets.
Source: CESCE
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