Argentina's President-elect Alberto Fernández and Vice President-elect Cristina Fernández de Kirchner wave at party headquarters in Buenos Aires Sunday. Photo: Alejandro Pagni/AFP via Getty Images

Argentina's former leader Cristina Fernández de Kirchner was poised to return to office as vice president after conservative President Mauricio Macri conceded the election to Peronist presidential candidate Alberto Fernández Sunday night, AP reports.

Why it matters: Per Axios' Dion Rabouin, fund managers have been saying for the past year "they foresee an economic collapse and wide-ranging debt defaults" with the left-wing Kirchner back at Argentina's helm as vice president.

The big picture: Argentina is in the grip of a recession. Dion notes that during Macri's presidency, "inflation has skyrocketed, poverty has increased and the economy has been mired in recession for 3 of his 4 years in office."

By the numbers: Fernández had won 47.79% of the vote with over 90% of votes counted by early Monday, the BBC reports.

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