on the plate how good is cheap. meat in germany. in 60 minutes. what secrets lie behind these walls. discover new adventures in 360 degree. and explore fascinating world heritage sites. p.w. world heritage 360 get kidnapped now. argentina says it's reached an initial agreement with its jilted creditors couldn't deal helped pull the country out of a crippling 2 year recession. investors are going ga ga for gold precious metal heads an all time high school look at what's behind the surge.

also on the show child labor has risen among cocoa farmers in west africa in recent years can chocolate producers do more to stop the practice. flow and welcome i'm seeing beers in berlin it's good to have you with us it's been a difficult 2 years for argentina which has endured a crippling recession worsened through the ongoing pandemic in may the government was unable to make a loan payment putting it in default for the 9th time in its history now when it's out and says it has reached an agreement with creditors which could help avert a more serious crisis in the months ahead. the coronavirus pandemic has pushed on containers already struggling economy to the brink the country is in recession over a 3rd of the population lives in poverty since the outbreak the queues outside soup kitchens have become long. we were using what little we had to buy food sometimes my son who worked as a painter brought us some money but now he doesn't have a job either. we have no income so we are using his and my savings to eat.

argentina's economy is contracting while its national debt burden has been growing according to the government and when osiris the interest alone drains 20 percent of state revenue it simply can't pay such sums especially now during the pandemic but the cash strapped nation could soon be afforded some breathing room to deal with creditors would amount to significant debt relief the economy ministry says under the deal investors would swap bonds that argentina defaulted on for new securities the new bonds reportedly could be worth around $0.55 on the dollar meaning big losses for many investors in exchange argentina agreed to move up some payments and strengthen rights for bond holders in case it has to restructure the debt again in the future the settlement is still pending a vote by creditors but there's already optimism the country's president tweeted we

resolved an impossible debt in the worst economic crisis that can be remembered and in the middle of the pandemic we have now cleared the horizon the stakes are high if the deal fails to secure approval creditors could leave empty handed argentina might be cut off from the international debt markets for years and that could make everyday life even more difficult for arjun tines. or are joining me now is lisa chanel or an economists and analysts for the latin america region for standard and poor's lisa thank you for joining us $0.55 on the dollar that doesn't sound like a whole lot why have creditors accepted this deal. well it's really sort of want to think of the midpoint you've had a series of negotiations and then vishal offer 'd in april. and while it may seem low for creditors it seems high for the government there's been disagreement on if there is a debt solvency issue with the burden too high versus just

a liquidity issue it's the payment flow. but bottom line is it's also the case that creditors have not been paid since april 22nd we have downgraded bonds to 12 in total since that time. what does this deal mean for normal argentines who may not understand the intricacies of these payments missed payments etc yeah and your piece highlighted the poverty issue the fact that the country's been in recession actually but this will be the 3rd year of a significant contraction of almost 10 percent 9 percent this year it lets the country move forward to kind of stabilize relationship with creditors tackle a program with the i.m.f. or reprofiling their focus on the next is the growth i bring the higher rates of growth from a structural point of view bringing down inflation trying to entice more private investment investment is extremely low in argentina 15 percent of g.d.p.

for example that growth low inflation will improve the lives of arjun times the least i know that argentina was already facing many problems before the pandemic but will should we expect to see more governments facing similar issues sovereign default issues because of the pandemic. yeah i mean the kind damage exacerbated the growth it in argentina but argentina was already in a path beginning with defaults last year the pandemic actually has pushed ecuador to a restructuring which actually advanced also this week the whole oil price it in the cold it hit to ecuador and so i think it's certainly we take a number of rating actions it certainly put it in if it can strengthen other starborn downgrade and some defaults are right lisa schneller with standard imports thank you very much. thank you and now to some of the other business

stories making headlines around the world. jim farley will be the new c.e.o. of ford motor company effective october 1st jim packet is set to retire after 3 years at the wheel of the american automaker to change up at ford comes as the company's looking to update its aging model line with a new line of vehicles including electric and autonomous vehicles. the e.u. is launching an investigation into google's proposed takeover of u.s. firm fitbit and that's due to the amount of personal data the wearable devices can collect about the use or the european commission worries data could be used to entrench google's position and personalized advertising. or gold continue to surge in value briefly touching an all time record of more than $2000.00 an ounce before retreating slightly. prices rising more than 30 percent this year driven in part by lower bond yields and a rush by investors into so-called safe haven investments in time of times rather of economic uncertainty.

and let's get some more insight on this from our financial correspondent in new york yen scored a yen is what really is behind gold's rise here. it's an and credible run and when it one of the main factors are interest rates globally basically on his story global so it doesn't really matter that much in this environment that gold doesn't pay any dividend but also it was the low end interest rates was all the money that the central banks world read up pumping into the market there was this fear of inflation and then on top of it we have some dismal economic growth specially now in times of a pandemic and then also the dollar is dropping for the past couple of weeks and that's also what we see quite often a lower dollar meaning higher prices for gold and also some commodities

yes briefly should we expect this to continue well at least it's not impossible bank of america for example saying we might even touch $2500.00 an ounce for sure nobody really knows a lot depends on what's going to happen with interest rates and also a global economic recovery all right with the latest from new york thank you very much. and switching gears the united nations announcing tuesday that all $187.00 member states have now signed a global treaty against child labor however the practice is still rampant in parts of the world including among cocoa farmers in west africa a chocolate producers have vowed to curb child labor in recent years they failed seeing an increase instead as you'll see in our next report cracking down is complicated. a village in southern i free coast a special division of the police forces out looking for children working in the

kickout plantations instead of going to school. child labor is commonplace here and it doesn't take the police gnome to find someone. with taking the girl with us. and we're taking her mother too she can prove that her child should be in 2nd grade and that she went to school last year at least. a . little embarrassed the mother tries to explain. why we simply haven't been able to afford the school fees this year. count farming is no easy 96 hours north we encounter a similar situation. rafael was able to sell one ton of cash cow for just over 1200 euros and that's all he and his wife and their 6 children have to live on for 12 months. i don't want my children to

follow in my footsteps we farmers barely earn anything i've told them they have to do better so that they can look after us one day. and indeed these farmers would have to earn twice what they do to cover their basic living costs one reason why their children have to help out on the plantations even though the cocoa sector agreed to cut child labor by 70 percent to ensure local kids get an education or. children can't go to school because there isn't one however the children of the managers can the profits from cocoa allow them to attend school in the u.s. or canada. the big winners in the cocoa business of the chocolate companies meanwhile the farmers city resounds with the biggest loses of the children themselves in ghana and ivory coast alone says one us study 2000000 children are

involved in dangerous plantation work far more than a decade ago but escaping that also means an uncertain future these kids are off to a children's home into a life which may well be no better than the one they're leaving behind. or a from a grim harvest there to a very traditional harvest here croatia's traditional salt harvest is taking place this is europe's oldest salt works as in the small village of dawn on the adriatic coast the wind and sun evaporate pools of seawater and that leaves piles of salt behind it shoveled while it piles it shoveled into piles of small wagons to be set off to dry and has been a key industry in the region since at least the 13th century. some things never change and that's it for us that's watching as always.

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untold nonwhite non male and clear voices in american art finally getting their fair do's. and a part of the former border between east and west berlin now covered in you've got it coronavirus graffiti. but 1st off for months now musicians have been live streaming from their living rooms to their bedrooms madonna even addressed fans from her bath tub but when and how will we get back to real in person concerts right now in large parts of the world it's completely unthinkable but here in europe in some places people are already doing it here are some of the ways how. this is probably the easiest way to feel safe and keep your distance get out into

nature the audience.