The primary vote on the weekend in Argentina was essentially an indicative vote but the market was betting that Macri could keep the gap close enough to win out in October.

Instead, he looks dead in the water, losing to Peronist Alberto Fernandez 32.1% to 47.7%.

The gap in the big-ask spread in USD/ARS is as much as 12%.

The main Argentina ETF is down 24%: (ARGT) with banks taking the brunt of the pain: