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Argentina's former President Cristina Fernández de Kirchner. Photo: Mario De Fina/NurPhoto via Getty Images

Former Argentine President Cristina Fernández de Kirchner got that much closer to returning to the country's presidential estate on Sunday, sinking the country's currency by as much as 5%.

Driving the news: Kirchner is running for vice president on a ticket with Alberto Fernández, and the pair received 47% of the vote in Argentina's primary election, far more than expected. That bested current President Mauricio Macri and his running mate, Miguel Ángel Pichetto, who had 33%, and 6 other tandems.

  • If the country votes the same way in October's first round of elections, Fernández and Kirchner will win with no need for a run-off election.

Why it matters: Investors fear that outcome could put Argentina's billions of dollars of outstanding debt in jeopardy of default and prompt a renegotiation of the country's $57 billion loan deal with the IMF.

Where it stands: Under Macri, Argentina has fallen into recession and the economy is in what analysts are calling a "Macrisis."

  • Inflation is being choked off slowly by the central bank's unconventional monetary policies, and it is expected to grow at just 34% this year, but that may be too little too late.
  • The country's GDP shrank 6% year-over-year in the first quarter.
  • Its steadily increasing poverty rate hit 32% in 2018.
  • The unemployment rate rose above 10% for the first time in at least a decade in Q1.
  • Argentina's peso fell 5% against the dollar after Sunday's election results, Reuters reported. It most recently traded at higher than 48 per dollar, about triple the rate when Macri took over as president and its weakest level ever.

Go deeper: Argentina's "Macrisis" continues

Go deeper

26 mins ago - World

Iran's nuclear dilemma: Ramp up now or wait for Biden

Illustration: Annelise Capossela/Axios

The world is waiting to see whether Iran will strike back at Israel or the U.S. over the assassination of Mohsen Fakhrizadeh, the architect of Iran's military nuclear program.

Why it matters: Senior Iranian officials have stressed that Iran will take revenge against the perpetrators, but also respond by continuing Fakhrizadeh’s legacy — the nuclear program. The key question is whether Iran will accelerate that work now, or wait to see what President-elect Biden puts on the table.

Updated 1 hour ago - Health

U.K. first nation to clear Pfizer coronavirus vaccine for mass rollout

A health care worker during the phase 3 COVID-19 vaccine trial by Pfizer and BioNTech in Ankara, Turkey, in October. Photo: Dogukan Keskinkilic/Anadolu Agency via Getty Images

The United Kingdom's government announced Wednesday it's approved Pfizer-BioNTech's COVID-19 vaccine, which "will be made available across the U.K. from next week."

Why it matters: The U.K. has beaten the U.S. to become the first Western country to give emergency approval for a vaccine that's found to be 95% effective with no serious side effects against a virus that's killed nearly 1.5 million people globally.

3 hours ago - World

Biden says he won't immediately remove U.S. tariffs on China

President-elect Joe Biden during an event in Wilmington, Delaware, on Tuesday. Photo: Alex Wong/Getty Images

President Trump's 25% tariffs imposed on China under the phase one trade deal will remain in place at the start of the new administration, President-elect Biden said in an interview with the New York Times published early Wednesday.

Details: "I'm not going to make any immediate moves, and the same applies to the tariffs," Biden said. He plans to conduct a full review of the current U.S. policy on China and speak with key allies in Asia and Europe to "develop a coherent strategy," he said.