UPDATE : Here is a bit more on the renationalisation from BBC News.
Even though I know next to nothing about national and or global economic models it has never stopped me from having an opinion. I am always excited when I hear stories that challenge what seems to be a formidable and irreversible move towards free market economies. Menem's heavy handed privatisation policy during the 80's paved the way for the loss of a significant portion of Argentine industry to foreign investors. Admittedly this saw an influx of foreign investment, but when the economy collapsed in 2001 this offered little protection. This combined with the peso-dollar pegging meant local industries suffered. Production moving overseas to cheaper countries and stagnant local economies.
Then I spotted this little story in the FT: Argentina to buy back state airline
In 1990 Iberia took a 83.5% stake in Aerolíneas Argentinas . The airline continued to under perform and was taken over by Marsans in 2001. Rising fuel prices and large debts have meant that airline has been running at a loss. It seems there were also some accounting irregularities when the airline was sold. Should be bargain basement by now, one would have thought.
On a different, although slightly related note, personally, I am fascinated by Argentina's recent economic history because it very clearly demonstrates the human impact that global economic policies have on the lives of individuals. I have always been sort of interested in the impact of the market and capital economies but (being as lazy as I am) have never really investigated how these trends in global economic management play out. Expect more of my (ill-informed) ramblings shortly.