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After the 2001 crisis, the multinationals settled in Argentina were subject to regular attacks from public authorities. In a context of massive impoverishment — especially of the middle class — the radicalisation of the political discourse of the Kirchner administration (2003-2007) found a relatively marked echo in the public opinion. The multinational was then perceived as a “spoiler” that had made a lot of money during several years but was no longer respecting its contractual commitments. The devaluation of the peso actually changed the framework for private sector participation and definitely put an end to the arrangements favourered by the Menem government (1989-1999). In particular, the most virulent attacks were targeting the water and sanitation sector. But apart from the economic downturn, political factors also contribute to explain this high degree of conflicts and tensions, as well as the withdrawal of private operators after fruitless renegotiations. The case of Córdoba is relevant to demonstrate to what extent the attacks against the private operator could serve local political strategies.