Mexico's outgoing president vows to pursue changes to Constitution despite market nervousness

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Claudia Sheinbaum أخبار

Andrés Manuel López Obrador,López Obrador,Constitutional Changes

MEXICO CITY (AP) — Mexico’s outgoing president pledged Friday to press ahead with j udicial reforms despite nervousness among investors and suggestions from ...

President Andrés Manuel López Obrador said he would pursue 20 constitutional changes after his Morena party won a two-thirds majority in Congress in Sunday’s elections, including making all judges run for election and enshrining a series of unfunded benefit mandates in the Constitution.will be the next president. Sheinbaum had spent most of the week talking to international financial organizations and investors, trying to calm markets after a 10% drop in the value of the peso.

“There are justices who are employees of the big corporations,” López Obrador said at his morning press briefing. “They have some judges on their keychains, adding “justice is above the markets.”the country's judiciary has blocked several of his previous reformsMarkets did not seem reassured Friday. The peso closed at 18.36 to $1, about 10% below where it was the week before the elections. Mexican stocks also closed off about 2.7% Friday.

Sheinbaum has spoken by phone or in person this week with officials from the World Bank, the International Monetary Fund and the head of the BlackRock investment company, after the peso plunged and the stock market briefly dipped on Monday. Any questions about how devoted Sheinbaum remains to her political mentor, López Obrador, were erased Friday when she wrote in her social media accounts Friday that “tears came to my eyes from emotion” when the president congratulated her on her victory.

 

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