The interest rate in Argentina jumped to 60% and the Peso to a Record Low after the country called on the IMF for funds.

Argentina’s President Mauricio Macri asked the IMF to speed up $50 billion bailout, spooking investors. The Peso Fell to a Record Low.

Argentina hiked its interest rate to 45% earlier this month but it did not stop the damage.

Ouch! #Argentina’s central bank raised its benchmark interest rate to 60% from 45% on Thursday after the peso plummeted to a new record low. pic.twitter.com/km4M0vDp0p

— Holger Zschaepitz (@Schuldensuehner) August 30, 2018

Argentina’s 100Y bonds hit 70 cents on the dollar

— zerohedge (@zerohedge) August 30, 2018

Some Observations On Argentina’s IMF-Sponsored Collapse https://t.co/cRGkzpCejG

— zerohedge (@zerohedge) August 30, 2018

Ouch!