Latin America runs on its own clocks. Fifteen years ago the continent was diving head-first toward the Washington consensus. Today, the leaders there don’t care about what Washington or anyone else thinks.
Argentina is nationalizing oil company YPF, which is partly owned by a Spanish company. The Spanish government says it will defend the companies’ interest and has the support of European allies.
The euro is surging at the moment but I doubt Argentina would be doing this if Spain wasn’t already so weakened — that’s politics.
