New Argentine President Mauricio Macri has made it a point to target one thing that the previous administration was not able to effectively solve -- the country's financial crisis. Since the Latin American country's record $100 billion default back in 2001, Argentina's economy has been crippled, its ability to access U.S. bond markets effectively suspended.

A New Hope

Argentina's economic plight all but festered during the years. With former president Cristina Kirchner's administration being highly resistant to any form of agreement with U.S. hedge fund billionaires, the Latin American country's economy just suffered more and more. Macri's emergence as the nation's leader, however, signified a new hope.

In a landmark deal on Sunday, the Macri administration has managed to reach an agreement to pay more than $4.6 billion to Elliott Management and other prominent U.S. hedge funds. The firms are notable for holding a significant amount of Argentine bonds, which were issued before the country's default in 2001.

Small Steps, Big Results

Though the agreement with the hedge funds will not automatically solve the nation's financial crisis, it is nonetheless a significant step forward. After all, finding a common ground with those holding Argentine bonds would serve a significant purpose in ensuring the country's economic recovery, reported The Irish Times.

Apart from this, the opposite has already been proven true, with analysts generally reaching a consensus that Kirchner administration's refusal to negotiate with hedge funds, which the government branded as "vulture investors" then, harmed the country more than it harmed the investors, especially those who simply held out.

Return to Capital Markets

With the agreements reached, the prospect of Argentina returning to capital markets have once more become a very real possibility. Once the country has done so, a succeeding economic revival would not be too far-fetched either.

Of course, Macri's strategies, including his deal with the hedge fund billionaires, are still subject to the Congress' approval. Thus, though a new hope has been kindled, it is still up to the greater Argentine political machine to decide if it chooses to agree with its president's decision or not.

Nevertheless, the fact that Macri won the election shows one thing, and that is the Argentine population is tired of being at the bottom of the global economic barrel, especially when the solution to its problem simply lies in having an open mind and enough guts to take calculated risks.

If any, that is exactly what the Macri administration has been doing ever since the country's new president took power.