This changes absolutely everything for Argentina

After over a decade of fighting in court, Argentina has come to an agreement to pay a group of holdout hedge fund creditors who invested in the country after its last economic collapse in 2001.

The holdouts, led by Elliott Management's Paul Singer, will get 75% of their judgements - $4.65 billion - plus a payment for legal fees.

Argentina will get a new lease on life. It will finally be allowed to tap into international credit markets again, which it needs to battle a growing fiscal deficit which has dangerously lowered its cash reserves.

The deal is subject to approval from Argentina's congress.

More on this to come...