My thesis explains the internationalization of the Spanish economy relating to Latin America during the 90th decade. It specially studies the Argentina case. During the last decade, the massive Spanish capital arriving to Argentina, temporally coincide with the structural economical changes in Spain and Argentina. The structural reforms in Spain derive from the incorporation of the country to the European Community and to the shared monetary system, as well as from the process of going deeply in the schemes that allow the European Union to get a certain degree of control over the Spanish interior markets, including the telecommunications, the energy and others. The Argentina’s reforms, under Menem rule, where promoted by the so called “Consensus of Washington”. Privatization, the official permission to allow foreigner capital accounts and a new policy of less government’s intervention in the control of the sectors, where especially important factors for the economy of the country.