Argentina faces a U.S. court ruling that requires it to relinquish its controlling stake in YPF, the state oil company, following a decision that enforces a $16 billion judgment against the country. President Javier Milei plans to appeal the ruling, which stems from former investors' claims related to the 2012 nationalization of YPF by former President Cristina Fernández de Kirchner. This ruling represents a significant challenge for Milei, who pledged to privatize state companies amid ongoing economic difficulties.
The ruling ordered Argentina to give up its 51% controlling stake in YPF as partial compensation for seizing shares from former investors during the nationalization.
Milei vowed to appeal the ruling, which he claimed undermined national interests, and blamed his political rivals for the current economic turmoil.
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