The government-led intervention involved a temporary and temporary occupation of the company for 60 days. To “command” Gabriel Delgado was appointed as the intervener, who, after some complications, initially displaced the directors of Vicentín. The plan was to intervene to supposedly ensure the continuity of the company, preserve the jobs and preserve the assets.In addition, an expropriation project would be discussed in Congress to declare the public utility of the company and, after the intervention, allow the State to take full charge through the firm YPF AGRO.
Some specialists believe that the ultimate goal of the measures is to be able to set foot in this foreign exchange and export market to use it as a currency and macroeconomic management tool. In negotiating with bondholders over foreign debt, there is talk of putting a coupon tied to exports to see if creditors accept Argentina’s offer. If this were to happen, having Vicentine in the hands of the state would be very attractive to the government.
We arranged the intervention of the Vicentin Group and sent to Congress an expropriation law to ensure the operation of the company and the jobs. It is a response to market concern, but also a strategic decision for the economy. pic.twitter.com/0Ubz0GR5Yd — Alberto Fernández (@alferdez)
June 8, 2020
However, the justifications did not reach and the government strategy was not well received. As has already happened to us, it seems that our national authorities sinned of optimists
