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Senate Rejects Government’s Emergency Deregulation Decree

ARGENTINA
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  • Last night, the Senate voted 42-to-25 against President Milei’s emergency deregulation decree of more than 300 measures aimed at deregulating the economy, which have been in place since late December. A key part of the decree had already been suspended in January after a court ruled its labour reforms unconstitutional. The decree will now move to the lower house, where a simple majority vote could see it scrapped.
  • The market impact appears limited, however, as the focus has already shifted to a slimmed down omnibus bill that President Milei circulated to the provincial governors yesterday. Milei is hoping to win support for the bill from the governors first, before turning to congress. Itaú note that the significant weight of the main opposition in congress and the degree of social tolerance of the short-term costs of the adjustments pose an important challenge to the government’s agenda.
  • Separately, a provincial court in Catamarca province has halted the issuance of new mining permits in the Hombre Muerto salt flat, according to Reuters. The court ordered new environmental impact studies amid tensions with indigenous communities. Headlines on the wires suggest that the ruling doesn’t impact existing investments, such as the Arcadium lithium project.
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  • Last night, the Senate voted 42-to-25 against President Milei’s emergency deregulation decree of more than 300 measures aimed at deregulating the economy, which have been in place since late December. A key part of the decree had already been suspended in January after a court ruled its labour reforms unconstitutional. The decree will now move to the lower house, where a simple majority vote could see it scrapped.
  • The market impact appears limited, however, as the focus has already shifted to a slimmed down omnibus bill that President Milei circulated to the provincial governors yesterday. Milei is hoping to win support for the bill from the governors first, before turning to congress. Itaú note that the significant weight of the main opposition in congress and the degree of social tolerance of the short-term costs of the adjustments pose an important challenge to the government’s agenda.
  • Separately, a provincial court in Catamarca province has halted the issuance of new mining permits in the Hombre Muerto salt flat, according to Reuters. The court ordered new environmental impact studies amid tensions with indigenous communities. Headlines on the wires suggest that the ruling doesn’t impact existing investments, such as the Arcadium lithium project.