ARGENTINA STARTS FIRST PUBLIC SALE OF YPF STOCK

Argentina's government last week began selling stock in state owned petroleum company Yacimientos Petroliferos Fiscales (YPF). At first, the government will put 35% of YPF stock on the market, a move it hopes will net it $2.1-2.5 billion. Argentina arguably has made the most rapid progress in recent years of any Latin American nation in privatizing state owned petroleum assets. The privatization of YPF, recently valued at $7-7.5 billion by U.S. investment bankers, has met with some