Argentina's financial risk soars to record high in decade

BUENOS AIRES, Aug. 13 (Xinhua) -- Argentina is facing market crisis with its economic risk indicator reaching the highest level since 2009.

Measured at 1,732 basis points by JP Morgan on Tuesday, Argentina's economic risk has become the second highest in the world.

The figure means that the Argentine debt securities must offer interest rates 17 percentage points above the U.S. Treasury 10-year bond yields, which are currently around 1.68 percent.

Following Sunday's primary elections results in Argentina, the S&P Mervel Index declined 48 percent on Monday, the second-largest single-day drop in any global stock market since 1950, according to Bloomberg News.

The Argentine peso also tumbled to a record-low 60 pesos per U.S. dollar.