Election defeat hits reform confidence, causing a comprehensive collapse in this emerging market. Goldman Sachs only just called for an increase in positions last week.

According to the Smart Financial APP, the Argentine market experienced a complete crash on Monday, with sovereign bonds, stocks, and the local currency peso all suffering heavy losses. The reason for this was that President Millet's party suffered a devastating defeat in local elections in the province of Buenos Aires, raising concerns in the market about whether his economic reform agenda can continue to advance.