Contrary to expectations that the Argentina Peso would rise on the IMF loan, the ARS resumed its selloff, and promptly breached the central bank's 25/USD barrier.

Finally, keep the following chart from JPM in mind,: it shows why of all EMs, Argentina and Turkey are by far the two nations most likely to collapse first:

https://www.zerohedge.com/sites/default/files/inline-images/turkey%20argentina.jpg