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/Sounds like "mah" (as in "mark") + "TOON" (as in "tool") + "goh" (as in "go")/

Meaning

An old, worn-out horse that is clearly past its prime. In Argentina and Uruguay, matungo is used affectionately or mockingly for a sad-looking horse, and by extension for any person, vehicle, or object that looks beat up and barely holding together.

Examples

That old nag is not going to make it to the finish line.

Do not buy that car, it is a total wreck.

Regional synonyms
Bandera de España
Bandera de México
Bandera de Venezuela
Cacharro

A serious mess or complicated situation that spun out of control. In Colombia and Venezuela, "cacao" describes a chaotic tangle that is hard to resolve. "Se armó el cacao" means things blew up, everyone started talking at once, or a situation escalated into something nobody knows how to fix.