POLAND: Tusk Looks To Bypass Presidential Veto, Boost Onshore Wind Capacity
Speaking at the opening of a meeting with President Karol Nawrocki, Prime Minister Donald Tusk says that the government has found a way to bypass his veto of the so-called windfarm bill and facilitate a radical increase in onshore wind energy capacity through an executive order rather than a legislative act.
- The President recently vetoed a bill that would have relaxed restrictions on the construction of onshore wind turbines. The governing coalition does not have enough MPs to override his veto.
- Tusk also said that his government is planning to boost defence spending to more than PLN200bn next year, which is in line with earlier reports.
- He said that his government will keep budget deficit and debt at levels that will not create 'excess' risk and called on Nawrocki not to veto the planned tax hikes.
- In his opening remarks, Nawrocki reaffirmed his commitment not to allow for any increases in taxes and fees, but did not comment on specific proposals.
- The two officials spoke at a meeting of the Cabinet Council, a consultative format where the President chairs a meeting of the Cabinet to discuss pressing matters.
Want to read more?
Find more articles and bullets on these widgets:
Historical bullets
GILTS: /STIR: Goldman Hold Long SONIA Vs Euribor, Eye On QT & Reduced Gilt Risk
Goldman Sachs note that “despite the previous week’s inflationary speed bump, the UK curve outperformed last week, as soggy activity data insulated gilts from bearish price action in other markets. This muted spillover points to the continuing calming in UK-specific risk premium that had been a feature of UK macro assets in recent years. As inflation risk subsides, the half-life of bouts of gilt volatility seems to be shrinking”.
- They go on to suggest that gilts should “get additional support as the BoE slows the pace of QT from October onwards. Although the pace of active sales picks up in our forecasts, we expect the BoE to skew away from long-end sales. As a result, we maintain our constructive GBP vs EUR rates and continue to recommend long SFIZ6 vs. ERZ6”.
EQUITIES: Estoxx outright Put Buyer
SX5E (15th Aug) 4900p, bought for 4.70 in ~8.4k.
US TSY OPTIONS: Weekly TY Option
TY Weekly Option, Friday NFP Expiry:
- TY 111p, bought for '22 in ~5.11k.
