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Wild celebrations as Argentina nationalizes oil company

Natacha Pisarenko / AP

Government supporters celebrate outside the Congress in Buenos Aires on May 3, 2012 after Argentina's takeover of its formerly state-owned energy company won approval from legislators.

Ivan Fernandez / EPA

Deputies and spectators attending the session of Congress celebrate the final approval of the proposal of creating a bill to expropriate the oil company.

Reuters reports — Argentina's Congress nationalized the country's biggest oil company, YPF, by an overwhelming lower house vote on Thursday that underscored broad popular support for a measure that threatens to scare off foreign investment. 

"It's a good move for the country because if the government does not control strategic resources such as oil, it loses power," said financial analyst Leonardo Rodriguez, 32, as he sipped a latté in the well-heeled Buenos Aires neighborhood of Puerto Madero.

"But the approach used in taking over the company, without negotiating, was too jarring and authoritarian," Rodriguez said. "There could be serious consequences. I mean, who wants to invest in a country where the government expropriates private property from one day to the next?" Read the full story.