Peronism has crippled the economy of this otherwise well-situated nation. Now its President, Cristina Fernandez de Kirchner, has announced Argentina will nationalize their oil company, YPF, which is largely owned by the Spanish firm Repsol. Spain is very ticked off. See the Reuters article at Yahoo News for details.
I am reminded of what Margaret Thatcher said of governments like that of Argentina:
Socialist governments traditionally do make a financial mess. They always run out of other people's money. It's quite a characteristic of them.
Fernandez de Kirchner, having run out of Argentine money, wants to spend Spanish money too. She is also whining about ownership of the Falkland Islands, something Argentine governments do when they need to divert public attention from their almost perpetual financial mess. See the Thatcher quote in context at Snopes.
