Significance
President Mauricio Macri's Cambiemos coalition has only 15 Senate seats, and his resounding success depended on the support of the opposition Peronists -- notably the Frente para la Victoria (FPV) faction of former President Cristina Fernandez de Kirchner, 26 of whose members voted in favour. This backing may, however, prove fickle and subject to frequent and costly renegotiation.
Impacts
Any economic benefits of the default resolution will take time to be felt.
New borrowing by provinces in particular may prove a mixed blessing.
Major transport and utility tariff hikes today will drive inflation and wage demands.