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Senate To Start Vote On Government’s Omnibus Bill

ARGENTINA
  • The government has lost its appeal against a UK court order to pay $1.5bn to compensate investors over GDP-linked bonds, dating back to 2013. Earlier this year, the UK Court of Appeal ordered the country to deposit €310 million in an account before the May hearing, and the government must now pay the warrant holders, according to lawyers. In addition, the government should also now publish the GDP data required for the securities for each year from 2014 onwards, so that payments for those subsequent years can be assessed.
  • Today, the Senate is due to vote on President Milei’s omnibus bill and the accompanying fiscal package, from 1400BST(0900ET). Meanwhile, President Milei is scheduled to speak at the annual Expo Efi economic conference at 1500BST(1000ET). He will then deliver the closing speech at the Cato Institute event in Buenos Aires at 2230BST.
  • No macro data are due today, with attention on tomorrow’s May CPI release, where analysts expect a further slowdown in monthly inflation to +4.95% m/m.

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