In July 2010, Lagarde told the PBS NewsHour that the IMF's lending program for distressed European countries was "a very massive plan, totally unexpected, totally counter-treaty, because it wasn't scheduled in the treaty that we should do a bailout program, as we did." She also said, "we had essentially a trillion dollars on the table to confront any market attack that would target any country, whether it's Greece, Spain, Portugal, or anybody within the eurozone."
On 1 July 2010, Immobile, along with teammate Luca Marrone, was sent on loan to recently relegated Serie B side A.C. Siena. In exchange for the two loans, Juventus acquired Niccolò Giannetti, Leonardo Spinazzola, and Austrian midfielder Marcel Büchel on loan from the Tuscan club.
Argentina was eliminated in the quarter-final against Germany, at the same stage of the tournament and by the same opponent as four years earlier. Their 4–0 loss was their worst margin of defeat at a World Cup since 1974.
After defeating Mexico 3–1, however, Argentina was routed by Germany 4–0 in the quarter-finals to go out of the competition. Argentina was ranked fifth in the tournament. After the defeat to Germany, Maradona admitted that he was considering his future as Argentina coach, stating, "I may leave tomorrow."
Shakira performed "Waka Waka (This Time for Africa)" at the closing ceremony of the cup, which would take place before the Final match, on 11 July at the FNB Stadium in Johannesburg. The single later reached the top 20 in Europe, South America and Africa and the top 40 in the U.S. , It became the biggest-selling World Cup song of all time.
On 27 July, however, the AFA announced that its board had unanimously decided not to renew his contract, different to 1978 World Cup winning captain and 1986 teammate, Daniel Passarella.