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    April 19, 2012

World Bank Chief Criticizes Argentina Oil Nationalization

   VOA News

   The president of the World Bank, Robert Zoellick, criticized
   Argentina's plans to nationalize its largest oil company.
   Addressing a news conference in Washington on Thursday, Zoellick
   cautioned policymakers against moves based on populism and
   protectionism that could hurt the economy.
   "I think it's a mistake, and I think it's a symptom that we have to
   watch out for, whether countries [under economic pressure] will move to
   more national, autarkic policies, [and] respond more to populism,
   respond more to protectionism," he said.
   The Argentine government announced plans earlier this week to take over
   YPF, an Argentine unit of Spain's Repsol.
   The government said the move was intended to boost oil output.
   Spain has sharply criticized the plan.

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