▁in ▁the ▁third ▁quarter ▁of ▁ 2 0 1 1 ▁was ▁ 7 . 3 %. ▁ ▁In ▁November ▁ 2 0 1 1 , ▁the ▁government ▁laid ▁a ▁plan ▁to ▁cut ▁util ities ▁subs id ies ▁to ▁higher ▁income ▁households . ▁By ▁mid - 2 0 1 1 , ▁credit ▁was ▁out p acing ▁G DP ▁by ▁a ▁wide ▁margin , ▁raising ▁concerns ▁that ▁the ▁economy ▁was ▁over he ating . ▁Argentina ▁began ▁a ▁period ▁of ▁fis cal ▁a uster ity ▁in ▁ 2 0 1 2 . ▁In ▁April ▁ 2 0 1 2 , ▁the ▁government ▁announced ▁plans ▁to ▁ex prop ri ate ▁Y PF , ▁despite ▁the ▁opposition ▁of ▁some ▁energy ▁exper ts , ▁claim ing ▁that ▁Y PF ' s ▁Spanish ▁partner ▁and ▁major ▁holder , ▁Re ps ol , ▁had ▁not ▁done ▁his ▁duty ▁as ▁to ▁provide ▁the ▁financial ▁support ▁for ▁research ▁and ▁land ▁explo itation , ▁as ▁well ▁as ▁being ▁a ▁bad ▁administrator ▁concerned ▁only ▁in ▁sending ▁prof its ▁to ▁Spain ▁and ▁for s aking ▁Y PF ' s ▁economic ▁growth . ▁ ▁R ising ▁infl ation ▁and ▁capital ▁flight ▁caused ▁a ▁rapid ▁de ple tion ▁of ▁the ▁country ' s ▁doll ar ▁res erves , ▁prompt ing ▁the ▁government ▁to ▁sever ely ▁cur tail ▁access ▁to ▁dollars ▁in ▁June ▁ 2 0 1 2 . ▁The ▁im position ▁of ▁capital ▁controls , ▁in ▁turn , ▁led ▁to ▁the ▁emer gence ▁of ▁a ▁black ▁market ▁for ▁dollars , ▁known ▁as ▁the ▁" d ó lar ▁blue