Mauricio Macri was elected president of Argentina in November 2015. He sought to negotiate with the holdouts and end the default, in order to return to the international capital markets and benefit the national economy. In early 2016, US courts ruled that Argentina must make full payments to four "holdout bondholders" (NML, Aurelius Capital Management, Davidson Kempner Capital Management, and Bracebridge Capital) by February 29. Argentina made an offer to pay $6.5 billion to settle lawsuits on February 5, requesting that the prior ruling on payments be lifted. Daniel Pollack announced in February 2016 that Argentina had reached an agreement with Paul Singer. The deal would still need to be ratified by the Argentine Congress. The deal would only last until April 14, 2016.