Evo Morales defended the nationalization of Bolivia's gas reserves at the European Parliament yesterday. Morales: “I understand that your companies need a return on their investments, but you cannot own the resources – the state will control them. Companies will be our partners but not owners of natural resources. I regret that some parts of the media trying to create confrontation.” (EP)
Financial Retaliation against Bolivia?
Before the LAC/EU summit this weekend, Morales accused the Spanish government of reneging on the promises made during last year's election campaign of doubling aid funds and debt relief. The Spanish foreign minister Miguel Ángel Moratinos responded that Spain would keep its promise but that it would take time. (El Pais, 5/11/2006)
Negotiations between the Spanish and the Bolivian government on the legal handling of the nationalizations concerning the Spanish-Argentinian company Repsol-YPF started two weeks ago. During the summit in Vienna Zapatero emphasized that he aims at keeping the bilateral relation amicable. This is positive in comparison to his initial comments in March.
Repsol-YPF has threatened to reconsider its investments in Bolivia. It faces a class-action lawsuit of stakeholders in the US in connection with the changed political situation in Bolivia. Some major finance groups have already handed over the shares of those companies that are to be nationalized. (El Pais, 5/16/2006)
Despite some consiliatory words from the Spanish government and Brazil's Lula it remains to be seen if the involved governments and companies or the usual international supects will put on the financial thumbscrews on Bolivia in order to force Morales into submission.
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