The concept of "law" comes up here according to the article. International law is a different beast than intrastate law. In this case, the legal right of Spanish companies to their property is explicitly referred to as the spoils of "reconquest." "Reconquest" is the investment of Spanish companies in South America which occurred after the transition of Spain to a democratic (representative) political structure. In other words, ironically, after the fascist dictatorship fell in Spain a new wave of neocolonialism followed. Anyone familiar with the history of the type of financial crises being imposed upon countries like Greece and Spain knows that Argentina suffered from neoliberal policies long before we in the U.S. became familiar with them through the 2008 crisis.
Obviously this is not good news for Spain, but the Argentine people are supportive of this and other measures already taken by the administration of President Fernandez of Argentina. They have learned their lesson about the nature of neoliberalism and European arrogance. Argentina has rejected the IMF after a previous crisis in the early '90s. While countries such as Brazil and Argentina are not under the direction of movements as radical as those found in Venezuela, Bolivia and Ecuador, they correctly identify their current troubles as originating from the "expansionist monetary policy" of the United States. We may do well to follow the example of Argentina here, as seizure of oil refineries owned by lawless companies such as British Petroleum may be the best way to set aside the failed policy of continued quantitative easing and bailouts of a rogue, criminal, and illegitimate corporate ruling class.