Argentine Congress approves deal to end debt standoff in US

BUENOS AIRES, Argentina (AP) — After 13 hours of debate, Argentina's Senate voted early Thursday to overwhelmingly approve a deal with creditors in the U.S., putting an end to a years-long dispute that made the South American nation a hard place to do business and kept it from accessing desperately needed financing.

While Macri's PRO party doesn't control either chamber in Congress, most analysts had predicted the measure would pass because Argentina is strapped for cash and needs foreign investment to begin growing after four years of economic stagnation.

[...] a group of creditors led by billionaire hedge fund manager Paul Singer refused.

During the years of fighting, the initial debt ballooned as other holdout groups began suing and legal fees mounted.

Thursday's passage also allows Argentina to take on $12.5 billion in debt, roughly the amount that financial analysts believe the country will need to resolve the various disputes with holdout groups.