Cookies on the Business Insider India website

Business Insider India has updated its Privacy and Cookie policy. We use cookies to ensure that we give you the better experience on our website. If you continue without changing your settings, we\'ll assume that you are happy to receive all cookies on the Business Insider India website. However, you can change your cookie setting at any time by clicking on our Cookie Policy at any time. You can also see our Privacy Policy.

This changes absolutely everything for Argentina

Linette LopezFeb 29, 2016, 20:53 IST

Mauricio Macri, presidential candidate of the Cambiemos (Let's Change) coalition, celebrates with his wife Juliana Awada (behind, in white) after the presidential election in Buenos Aires, Argentina, November 22, 2015.Reuters

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.

NOW WATCH: How forensic accountants use Benford's Law to detect fraud

Please enable Javascript to watch this video