Argentine peso plummets 14% after crushing Macri vote defeat

Markets are also anxious over de Kirchner, whose years as president from 2007 to 2015 were marked by a balance of payments crisis, interventionist state policies, currency controls and protectionism.

"The president can not have peace of mind".

"The markets are giving warning that the government has put itself in a position it can not respond to", Fernandez told Radio 10.

"If the leftists return to Argentina, we could have a new Roraima", Bolsonaro said, referring to the state where thousands of Venezuelans have crossed to Brazil Cristina Kirchner, who was president from 2007-2015 after succeeding her husband, has been tainted by corruption scandals but remains popular.

Centre-left nominee Alberto Fernandez led by around 15 points after partial results were revealed as centre-right, pro-business Macri admitted it had been "a bad election".

Argentina is now in a recession and posted 22 per cent inflation for the first half of the year - one of the highest rates in the world.

Argentina's peso currency collapsed on Monday and inflation was expected to rise as voters flirted with a return to interventionist economics by snubbing market-friendly Macri for the opposition in a primary vote on Sunday.

Macri initiated a painful austerity program that is widely unpopular with many Argentines, with some 35% now living below the poverty line.

The peso lost half of its value against the dollar previous year.

The worst-hit shares lost nearly 50 percent of their value.

"The vote shows a profound dissatisfaction with the economic situation (and) the worry within society that the government is disconnected from reality and wasn't up to tackling the problems", political analyst Carlos Fara told AFP.

Macri managed only 32 percent in the party primaries that effectively acted as a nationwide pre-election opinion poll as all of the recession-hit South American country's major parties had already chosen their presidential candidates.

"Recognizing that we have had a bad election, that forces us, starting tomorrow, to redouble our efforts so that in October we will get the support that is needed to continue the change", Macri said.

Some 33 million Argentines are eligible to cast the compulsory vote, which will go on to a December runoff if none of the presidential candidates wins either 45% of votes or 40% with 10 points over the runner-up in the first round. "We have come to give Argentina a better horizon", Fernandez said.