An Argentine trio by the name of Alvy, Nacho, y Rubin has released a Stephin Merritt tribute album entitlted Alvy, Nacho, y Rubin interpretan a Los Campos Magneticos. The band has apparently spent the past year or so working with Claudia Gonson and Stephin Merritt to interpret his songs into Spanish. The results? Phenomenal.
Without resorting to hyperbole, this may be one of my favorite covers of one of Mr. Merritt's songs I've yet heard. There are more videos of the band playing live here, but really, you should just buy the album. It's available on iTunes and I'm confirming details of a physical release as we speak.
Eternal gratitude to the band's producer, Mr. Federico Novick for alerting me to the band's existence.