World's Richest Man Carlos Slim Snatches Up 8.4% of YPF

Carlos Slim Helu, the wealthiest man in the world, has

8.4% of Argentine-based company YPF

. The oil and gas company was nationalized back in April by the country's current president, Cristina Fernandez de Krichner. Slim is clearly not afraid of a challenge. Argentina has been dealing with political mayhem lately, including Britain's refusal to hold meetings concerning the

. However, with one of the world's most powerful investors on its side, Argentina may have a fighting chance at escaping the pressure it currently faces. Slim's purchase of YPF (worth approximately $73 million) speaks volumes concerning his faith in not only the country, but in the industry of which he now owns a large sum. As economic pressures continue to pile up in Argentina, Slim's invesment has given Argentina's frenzied government a moment to breathe. According to Forbes, Kirchner's administration has already nationalized pension plans and altered the central bank's charter to secure additional funding for the struggling country following massive inflation. Last year, signs of a dismal financial downturn in Argentina were noted when the country reported a negative energy balance for the first time in almost two decades. With Slim's hefty YPF investment, the Mexican mogul may have just created a sense of calm amongst a brewing storm of temperamental investors and concerned Argentinian citizens. "Anyone considering investments in Argentina should think of it as buying an option. Great potential, significant risks, and likely to rock and roll along the way," Itau BBA said today in a report concerning YPF's future. The company's investment plan (possibly what attracted Slim to the asset to begin with) laid the footing for production growth in the beginning of June. With the nationalized company now appealing to those with deep pockets, it is possible that YPF will soon recapture its distinction amongst the Argentinian oil industry. Late on Friday, YPF traded near $11.50, up about 10% on the session.