translated from Spanish: Alberto Fernández denied intention to expropriate companies following intervention to agro-exporter Vicentín

Argentine President Alberto Fernandez said Tuesday that the intervention and future expropriation of one of the country’s leading agri-monetary companies “is exceptional” to dispel fears and criticisms that provoked the move between entrepreneurs and opponents.” It’s not in the head of any of us expropriating companies,” the representative said in radio statements. “This is an exceptional decision because of its strategic nature.” The Argentine government announced on Monday the expropriation of the local company Vicentín, the country’s sixth agro-export company and a leader in external sales of soybean products. At the same time he said he will send Congress a bill declaring public utility and expropriating the company. There is no date yet for your debate. Vicentín, of Argentine capitals and headquartered in Brazil, Uruguay and Paraguay, declared itself in default at the end of 2019. The main creditor is the public Banco Nación for about $300 million. Peronist Fernández argued that the measure is intended to rescue the company and make it a “witness case” in the marketing of grains and food production. The opposition called the measure “dangerous, illegal and unconstitutional” and attributed it to the influence of Vice President Cristina Fernández de Kirchner, who in her eight years as president (2007-2015) opted for strong state intervention on the economy.” It shows a clear intention to move forward with state participation in companies… Today no one said the famous “iexpchamber!” chavista, but the opposition and citizenship must be on alert,” said Together for Change, the alliance of parties that ruled under the former presidency of conservative Mauricio Macri and now leads the opposition. Vicentín carries a million-dollar debt, which mostly corresponds to loans made by the banco Nación public in the previous Macrist management. Justice investigates executives of the agri-export company and former directors of the bank, as it is suspected that some of the loans went to the campaign contributions for Macri’s re-election.” But while this facilitated the decision (intervention), there is clearly something else behind it,” said analyst Daniel Kerner, managing director for Latin America at Eurosia Group. “The main economic advisers of Fernández and Cristina believe that Argentina’s biggest economic problem is a structural shortage of dollars.” At a time when this problem deepens again – last week the government strengthened controls on the exchange market – Vicentín’s intervention “increases the government’s influence in a key sector” such as agri-export, which is the main source of foreign exchange for Argentina.The analyst also noted that Vicentín’s intervention could affect the Negotiations of the South American country with external creditors to restructure its debt for $65 billion. In response to his critics, President Fernandez left a warning: “I say this publicly because, if you ever see me defecating, blame me and then it will be my fault; not cristina, and I say these things publicly to finish encouraging that black story of the girl that comes, challenges me, gives me two screams and makes me do what I don’t want to do. That doesn’t exist, I wouldn’t let it exist.”

Original source in Spanish