Take a Load off, Argie
The YPF / Ezkenazi litigation saga comes to a close.
Welcome Avatar! Over the last 3 years a decent portion of this blog has been dedicated to the most expensive Sword of Damocles this government had to deal with besides the national sovereign debt: the YPF nationalization lawsuit in the United States that could’ve cost the Argentine taxpayer up to $18 billion dollars. Fortunately for the Milei admin, that sword was sent to the smelter last week.
On March 27, the New York Court of Appeals overturned the lower court’s ruling against Argentina for the expropriation of YPF. The New York appeals court ruled that judge Preska had misinterpreted Argentine law.
Beyond any appeals that may arise, this is a victory for Argentina in a trial that lasted more than a decade, in which it had been ordered by Loretta Preska to pay a sum of more than $16 billion dollars, by now $18 billion with interest.