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peppertree's JournalPreliminary deal reached between Argentina and bondholders
Sources from Argentina's Economy Ministry diclosed today that a preliminary deal has been reached with investors holding some $66 billion in foreign currency-denominated Argentine bonds issued under U.S. law.
The announcement came after a meeting this morning between President Alberto Fernández, Economy Minister Martín Guzmán, and representatives of the hard-line Ad-Hoc bondholders group led by hedge fund giant BlackRock.
According to market sources, the meeting point between the two parties was set, measured in net present value, at USD54.3 per 100 dollars of face value - almost one dollar above the last official offer.
The preliminary agreement comes on the eve of a mutually-agreed August 4th deadline - two months after the country was declared in partial default.
It would allow Argentina to activate a general exchange with other affected bondholders and save $30 billion in interest payments over the next seven years.
Both Argentina and its bondholders have made significant concessions since negotiations first began:
Between the country's first offer on April 16 and July 6, Guzmán improved the recovery value offered to creditors from 39 dollars to 53.5 at net present value. The BlackRock-led Ad-Hoc group, in turn, initially proposed a 90 dollar payout.
Argentina has struggled to service its foreign currency-denominated public debt - which nearly tripled to $250 billion under the right-wing Mauricio Macri administration (2015-19).
A "Macrisis" recession that began in April 2018 intensified amid the ongoing Covid-19 pandemic, with GDP collapsing by 20.6% annually as of this May.
At: https://translate.google.com/translate?hl=en&sl=es&tl=en&u=https%3A%2F%2Fwww.baenegocios.com%2Feconomia%2FOficial-hay-deal-el-Gobierno-y-los-bonistas-llegaron-a-un-acuerdo-por-la-deuda-20200803-0048.html
Argentine President Alberto Fernández (right) and Economy Minister Martín Guzmán during a recent conference call with bondholders.
If confirmed, today's preliminary agreement would allow Argentina to emerge from default, save over $30 billion in upcoming interest payments, and potentially re-enter global credit markets.
Guzmán's restructuring proposal is supported by most international observers as well as the IMF - which agrees that Argentina's foreign debt is "unsustainable."
Obama announces first wave of 2020 endorsements
Source: The Hill
Former President Obama announced his first batch of 2020 endorsements on Monday, giving support to Democrats looking to defend or flip seats in multiple tight races.
Im proud to endorse this diverse and hopeful collection of thoughtful, empathetic, and highly qualified Democrats. Together, these candidates will help us redeem our countrys promise by sticking up for working class people, restoring fairness and opportunity to our system, and fighting for the good of all Americans not just those at the top, Obama said in an announcement published on Medium.
Read more: https://thehill.com/homenews/campaign/510264-obama-announces-first-wave-of-2020-endorsements
https://twitter.com/BarackObama/status/1290301921673134082
Wilford Brimley, 'Cocoon' and 'Natural' actor, dies at 85
Wilford Brimley, who worked his way up from movie stunt rider to an indelible character actor who brought gruff charm, and sometimes menace, to a range of films that included Cocoon, The Natural and The Firm, has died. He was 85.
Brimleys manager Lynda Bensky said the actor died Saturday morning in a Utah hospital. He was on dialysis and had several medical ailments, she said.
The mustached Brimley was a familiar face for a number of roles, often playing characters like his grizzled baseball manager in The Natural (1984) opposite Robert Redford's bad-luck phenomenon. He also worked with Redford in Brubaker (1980) and The Electric Horseman (1979).
Brimley's best-known work was in Cocoon, in which he was part of a group of seniors who discover an alien pod that rejuvenates them. The 1985 Ron Howard film won two Oscars, including a supporting actor honor for Don Ameche.
Brimley also starred in Cocoon: The Return, a 1988 sequel.
At: https://www.nbcnewyork.com/news/national-international/wilford-brimley-cocoon-and-natural-actor-dies-at-85/2546529/
Wilford Brimley, 1934-2020.
Facebook bows to Brazil judge, blocks 12 accounts worldwide
Facebook announced Saturday it has obeyed a Brazilian judge's order for a worldwide block on the accounts of 12 of President Jair Bolsonaros supporters who are under investigation for allegedly running a fake news network.
Supreme Court Justice Alexandre de Moraes said Friday night that the company had failed to fully comply with a previous ruling ordering the accounts to be shut down, saying they were still online and publishing by changing their registration to locations outside Brazil.
Moraes said that Facebook ought to pay $ 367,000 in penalties for not complying with his previous decision during the last eight days.
He also had ruled Twitter should block the accounts. While Twitter said then the decision was disproportionated under Brazils freedom of speech rules and that it would appeal, the targeted profiles were disabled.
At: https://abcnews.go.com/International/wireStory/facebook-bows-brazil-judge-blocks-12-accounts-worldwide-72123377
Brazilian President Jair Bolsonaro wears a face mask with his likeness during a recent press conference; he was diagnosed with Covid-19 on July 7.
The hard-right Bolsonaro has seen already middling approval plummet amid one of the world's worst Covid responses, with 2.7 million cases and 93,000 deaths.
He is also under investigation after files were discovered targeting "anti-fascists."
Alan Parker dies: Towering UK director of 'Midnight Express' 'Mississippi Burning' & 'Fame' was 76
Filmmaker Alan Parker, a towering figure in the UK industry, died Friday morning following a lengthy illness, the British Film Institute has confirmed. He was 76.
Two-time Oscar nominee Parker was best known for directing classic films including Bugsy Malone (1976), Midnight Express (1978), Fame (1980), Mississippi Burning (1988), The Commitments (1991), and Evita (1996) - as well as the musical film Pink Floyd The Wall (1982).
Across a glittering career, his feature films combined to win 19 BAFTA awards, 10 Golden Globes and 10 Oscars.
Parker was a passionate supporter of the UK industry and a founding member of the Directors Guild of Great Britain. He was the founding Chairman of the UK Film Council in 2000, a position he held for five years, and prior to that he was Chairman of the BFI. He received a CBE in 1995 and a knighthood in 2002. He was also an Officier des Arts et Letters (France).
At: https://deadline.com/2020/07/alan-parker-dies-director-of-bugsy-malone-midnight-express-evita-was-76-1203000762/
British filmmaker Alan Parker descends from a vintage bus during the 1996 filming of Evita. He was 76.
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