While I like the idea of Lopez being on the F1 I've got to agree that we are in no position to "waste" money on these stuff, our economy isn't at it's best right now. This was merely a political decision, the government of Cristina Fernandez de Kirchner is really weak by now, last year a similar decision was made when the government decided that it would pay to have the rights to air every football (soccer) match for free, poor people like those measures, racing fans will love having an Argentinean back in the F1, more if you realize that we have a stupid rivalry with Brazil since forever to measure who's the best at what.
Hopefully Lopez will prove himself worthy of a better team and end up being paid for racing, bear in mind that there isn't a single enterprise in Argentina that would benefit sponsoring in the F1, we don't export anything big with a brand on it, just meat and grain.