Earlier this week, Benzinga

the dire impact Argentina's nationalization of YPF S.A. (NYSE:

) could have on the lone Argentina ETF, the Global X FTSE Argentina 20 ETF (NYSE:

). Since the South American country's nationalization of YPF became a reality on Monday, shares of thinly traded ARGT have tumbled 4.1%. The declines are being exacerbated today with tumble of 0.62% on volume that is roughly double the daily average, according to

. No surprise there as YPF, ARGT's fourth-largest with an allocation of 6.8%, is down 29% on nearly quadruple the average daily volume. When it comes to Argentina and ARGT, a new issue has arisen and it is likely the other cause for today's tumble in ARGT: Argentine yields and CDS are blowing out. In fact, Argentine yields now exceed Venezuela's for the first time since 2009, according to Zero Hedge. "Argentina, still unable to access capital markets years after its restructuring appears to be hitting an irrational wall again as its CDS has exploded wider recently, and even more so today with the YPF news, to near 1000bps - its widest in 4 months,"

. As of the close of markets on Tuesday, ARGT had $3.34 million in assets under management, according to Global X data, down from $3.5 million on Monday. Nationalization + CDS blowouts = Bad news for Argentina and the lone ETF tracking the country. Tenaris (NYSE:

), Mercadolibre (Nasdaq:

) and Arcos Dorados (NYSE:

), ARGT's top three holdings, are also being dragged lower today by the unfavorable Argentina news. For more on Argentina and ARGT, please click

.