A US appeal court ruling on Wednesday has reopened the way for Argentina to repay debts while returning to international capital market for the first time in more than 15 years. The ruling offers immense support for the Argentine President Mauricio Macri who has been trying to turn the page on since his inception four months back.

A three judge panel has upheld a US District Court decision lifting an injunction preventing the South American nation from widely borrowing. Argentina's failure in paying holdout bondholders following 2001 default on debt for more than $80 billion has appeared as obstacle in this regard. The previous court decision has been affirmed without producing a written order, reports The Wall Street Journal.

Prior to pronouncing the verdict, the judges' panel has observed pleas from lawyers for hundreds of remaining bondholders waiting for settlement with Argentina. Ending the injunction will remove the incentive for Argentina to pay about $2 billion in settling remaining claims.

Argentina has announced on Monday planning for launching the sale of its first international bond in 15 years. The planned move aims to raise fund for an April 22 debt repayment to creditors resisting earlier efforts for debt-restructuring, reports Reuters quoting a finance ministry official.

President Mauricio Macri has come to power in December pledging for settling the country's debt default. Bond holders have refused Argentina offered part payment and have been trying to stop payments eyeing for gaining the full amount.