July 30, 2014

Á has revealed that, following arduous negotiations between representatives of Argentine banks and holdout investors, a deal has been reached in order to purchase 100 percent of the debt held by the hedge funds.

Economy Minister Axel Kicillof said today Argentina will not sign an agreement that “compromises the country’s future,” as he confirmed no deal with holdouts was reached after today’s meeting with court-appointed mediator Daniel Pollack over the so called “vulture funds” case.

New York futures stocks in petroleum company YPF dropped a massive 11.7 percent during Economy minister Axel Kicillof's press conference this evening, as the politician announced that there was no agreement with holdout investors in order to avoid default.

Banco Macro director Sebastián Palla and other representatives of Argentine banks have made contact with 'vulture funds' in New York in order to lay out a proposal to avoid default. The negotiation, which started around midday, is separate to talks held between Economy minister Axel Kicillof and mediator Daniel Pollack.

Cabinet Chief Jorge Capitanich referred to the u$s 250-million payment offer made by national private banks as a last-minute proposal to holdout hedge funds to prevent Argentina from plunging into a technical default.

• Technical default, 'rating agencies' fabrication'

Supermarket sales went up 35.1 percent in June and shopping sales grew 23.6% compared to the same month of 2013, considering current prices in pesos, the state-run INDEC statistics bureau revealed today.

President Cristina Fernández de Kirchner today addressed fellow heads of state at the 46th Mercosur summit, where she thanked members of the bloc for their support over the ongoing fight with holdout investors in the New York courts.

• The bloc is expected to condemn vultures • Parrilli: CFK 'alone' in vulture funds' fight

The S&P 500 and Nasdaq ended higher today after the Federal Reserve gave a rosier assessment of the US economy while reaffirming that it is in no hurry to raise interest rates.

Sharply higher interest rates around the world could combine with weaker growth in emerging markets to slice as much as 2 percentage points off global growth in the next five years, the IMF has said.

The Pope will be travelling to Sri Lanka and the Philippines on January 12-19 next year.

Venezuela’s president Nicolás Maduro headed the celebrations of what would have been Hugo Chávez’s 60th birthday today and said “a little bird” told him the deceased socialist leader is “happy and full of love”.

The European Union has reached agreement on the bloc's first broad economic sanctions on Russia over its role in Ukraine, diplomats said, marking a new phase in the biggest confrontation between Moscow and the West since the Cold War.

Senator Patrick Leahy has introduced legislation to ban the US government's bulk collection of Americans' telephone records and Internet data and narrow how much information it can seek in any particular search.

Rating agency Standard & Poor's has officially downgraded Argentina's sovereign debt grade to the category of selective default, while negotiations to pay bondholders broke down in New York today.

• S&P's document.

Greenbacks in the informal market droped 50 cents to 12.30 pesos with all market eyes focused on New York talks. The US dollar traded 1 cent higher at 8.22 pesos in BA City banks and exchange offices.

• Markets see bullish activity

A group of bondholders urged US Federal judge Thomas Griesa to apply a “temporary stay” from January 1st until January 15, 2015, or at least a 90 day measure in order to resolve current negotiations and prevent a new default.

Federal Planning Minister Julio de Vido received treatement today at Otamendi private medical center after suffering an abdominal hemorrhage. Medical reports said de Vido is "stable" and will be transferred from intensive care to a general service room.

Gerardo Martino, who coached Barcelona last season and has therefore worked closely with Lionel Messi and Argentina’s midfield general Javier Mascherano, is the main candidate to substitute Sabella.

At least 19 Palestinian sheltering in a school in Gaza's biggest refugee camp died today, victims of Israeli shelling. Hours later, the Israeli military offered a four-hour humanitarian ceasefire today in some areas of the Gaza Strip.

• Israel flattens home of Hamas Gaza leader • UN says more rockets found at Gaza school

The father of Juventus forward Carlos Tevez has been released after being kidnapped for more than eight hours in the city of Morón, in Buenos Aires province. The player later thanked those who had sent their support during the ordeal.

• 'We will find those responsible' • 'We are working to find the kidnappers'


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The head of the Argentine Football Association (AFA) and second-in-command of the FIFA international football governing body passed away at the Sanatorio Mitre private medical center where he had been hospitalized for a cardiac failure earlier today. Julio Humberto Grondona was 82 years old and had been in charge of the Argentine FA organization for 35 years.

Argentinos Juniors president Luis Segura will take over at the top of the Argentine Football Association (AFA), after the death of current chief Julio Humberto Grondona earlier today.

Argentine national and Barcelona forward Lionel Messi has sent his condolences to Julio Grondona’s family, following the decease of the Argentine Football Association president.

The news of AFA’s Julio Grondona’s death quickly found its way to Twitter and Facebook, where politicians, soccer players, and Argentine clubs expressed their condolences to Grondona’s family for their loss.

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