BUENOS AIRES — Argentine President Alberto Fernandez pulled the plug on a planned government takeover of cash-strapped soymeal giant Vicentin, according to a tweet sent by the Peronist leader on Friday, after a local judge partially blocked the move. In early June Fernandez said his government would "rescue" Vicentin, once Argentina's top soymeal exporter, after the family-owned company went broke last year. The move was criticized by farmers and industry leaders who characterized it as meddling in the private sector. Past Peronist governments, including the one led by Argentina's current Vice President Cristina Fernandez, had vastly increased the government's role in the economy. "We have repealed the decree that ordered the intervention of Vicentin," Fernandez wrote on Twitter.

Source: International New York Times July 31, 2020 23:26 UTC