Despite all the constant propaganda spewing forth from officials in Argentina (and at The IMF), we leave it to an old friend and veteran EM trader to sums things up: "The Argies are proper f**ked."

Indeed, judging by today's market action and headlines, he is right, as despite the promise of a USD 50 billion International Monetary Fund (IMF) bailout (which is now being accelerated), the Argentine peso continues to collapse, inducing the next wave of inflation, and it could shortly usher in the next recession/depression.