In this Feb. 9, 2016 file photo, President Barack Obama speaks in the Roosevelt Room of the White House in Washington. AP File Photo
WASHINGTON, United States鈥擝arack Obama will travel to Argentina next month, offering support to new president Mauricio Macri鈥檚 efforts to end a decade-and-a-half of financial isolation and political enmity with Washington.
Macri won elections in November, ending 12 years of leftist and crisis-ridden rule by the late Nestor Kirchner and his wife Cristina.
READ: Argentine President-elect Macri wins with 51.3%鈥攐fficials
Macri 鈥渟ignaled that he鈥檇 like to have closer economic and diplomatic cooperation with the United States,鈥� said top Obama foreign policy aide Ben Rhodes, announcing Obama鈥檚 visit.
鈥淲e believe this is really a new beginning and a new era in our relations with Argentina.鈥�
George W. Bush was the last president to visit Argentina. But his 2005 trip to a regional summit in Mar del Plata sparked mass protests, rioting and arrests.
鈥淎rgentina is a country that, until recently, had a president who had, I鈥檒l say 鈥榩roblematic鈥� relations with the United States,鈥� Rhodes noted.
Argentina is Latin America鈥檚 third largest economy, similar in size to Sweden, Nigeria or Taiwan.
But a $100 billion default in 2001 made it a financial pariah, effectively shut out from international capital markets.
Macri has tried to quickly clear the remaining $9 billion worth of claims from bond holders, offering $6.5 billion to settle.
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A string of investors have taken up the offer, but large US hedge funds鈥攊ncluding Elliott Management and Aurelius Capital鈥攔emain among the most notable holdouts.
Obama鈥檚 visit will only increase pressure on New York funds to reach a deal.
Until the issue is resolved, Argentina is frozen out of the International Monetary Fund making investment difficult.
Argentine foreign minister Susana Malcorra said that Obama鈥檚 visit was a reliable sign that 鈥淎rgentina is putting itself back on the international stage.鈥�
The US president鈥檚 trip鈥攃oming after an historic stop in Havana鈥攊s likely to focus on investment in renewable energy, agriculture and tourism, Malcorra said.
Obama鈥檚 visit will also follow trips to Argentina by the leaders of Italy and France.