A state-owned company with lots of overhead and slow to everything, one of the few shale fields outside the US which means pretty unique challenges and a management that has about as much entrepreneurial spirit as a dead rabbit – what could possibly go wrong? You cannot send a bureaucracy to do an entrepreneur’s job. A lesson often repeated and never learned. You can’t fake this.
Dollars are now so scarce in Buenos Aires that the central bank refused to let YPF buy the full amount it needed to pay notes coming due in March.