Manhattan judge Loretta Preska’s controversial ruling setting a fuse of a fortnight on the US$16-billion time-bomb compensating speculative interests for the nationalisation of YPF oil company with its shares needs to be viewed in its electoral context as much as for its legal force. Placing the nation in this quandary is clearly a massive embarrassment for Buenos Aires Governor Axel Kicillof (which will whet appetites within an infighting Peronism as well as beyond), creating an enormous interest in digging up memories of his error-strewn handling of the 2012 YPF nationalisation when economy minister and this cautionary tale against crony capitalism is well worth hearing again.
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