Even the most bullish could not have predicted the progress Macri has made in three months, with a $15bn bond imminent and investors hardly blinking.
When, a fortnight ago, New York judge Thomas Griesa stopped blocking Argentina from paying exchange bondholders until it settled with holdouts, the latter had to settle up.
Why the change? The key was Argentina’s communication — so poor under Macri's predecessor, no one knew what was going on.
He made his intentions clear before election, and followed through on his promises. Engagement was the watchword.
Before being sworn in, he sent an official to New York meet the mediator in the holdout talks. A statement followed. Investor negotiations happened on time. This new willingness helped swing Griesa.
Markets love decisiveness. Argentina must keep it up to borrow what it needs from them, and early signs are good.
Macri has brought credibility and order such that investors seem unconcerned about swallowing $15bn in one go. Argentina must persist with this openness with creditors.