Argentina's Stock Market Is Crashing

The Supreme Court will not hear Argentina's case against hedge fund creditors, and Argentina's stock market is getting killed on the news.

The Merval Argentina Index is down more than 7%, and the Buenos Aires Stock Exchange Merval Index is down nearly 6%.

The Supreme Court's decision is a major blow to Argentina, as it will now be forced to default on its debts or negotiate with creditors, which include Paul Singer's Elliott Management.

Argentina's government has previously called the creditors "vultures."

BI's Linette Lopez notes that this ruling was unexpected.

Here's the ugly action in the Merval index this morning: