Argentina 5 year CDS soared more than 200 bps today alone, to a lifetime high of 1140bps, sending the probability of a default over that period to more than 50%, up more than 100% from 22.7% one year ago...

... while Argentine bond spreads over Treasuries rose 84 bps, the second day of gains, to 944 basis points as 2Y bonds are exploding 350bps wider, as the aptly titled ARS, or Argentine Peso, crashes 3.5%, dropping to a fresh lifetime low.

While Argentina's economic troubles have been widely known for a long time - and certainly since the IMF launched the biggest ever sovereign bailout in history last summer when it handed Argentina a record $56 billion credit line, hoping to succeed where it failed previously - what has sparked the latest panic is fear that President Mauricio Macri will not be re-elected as he tumbles ahead of October's election, with the economy enduring the second recession of his presidency.