The scion of a wealthy family, Macri vows to begin unwinding capital controls immediately. His incoming finance minister, Wall Street veteran Alfonso Prat-Gay, has acknowledged the hard currency crunch means a weakening of the peso's official exchange rate is inevitable.
An agreement with the hedge fund holdouts, led by Paul Singer's Elliott Management, is crucial if Argentina is to get back into the international bond market and rebuild hard currency reserves.
"If they can't tackle the holdouts situation then they will be as financially constrained as Fernandez's government was," said Stuart Culverhouse, head of research at Exotix, an emerging markets broker.
The U.S. judge hearing the case brought by Singer, who rejected Argentina's 2005 and 2010 bond restructurings, wants the government to negotiate a deal. The restructurings offered about 30 cents on the dollar, while Singer and the other holdout funds sued for full repayment of defaulted debt.
"Dialogue would at least show they are not running the Cristina approach. If you accept the court case, then there's not much really to negotiate, you've just got to come up with a deal. Cristina never really accepted that," Culverhouse said.