‘Justice is above the markets’, López Obrador will promote his reforms despite nervousness

The Mexican president, Andrés Manuel López Obrador, announced this Friday that he will promote his controversial constitutional reforms with the new ‘supermajorities’ that he would have in Congress after Sunday’s elections, despite the nervousness in the markets and Claudia Sheinbaum’s promise of dialogue.

“The people want changes, it has been proven, they want public life to be purified, that was what was manifested on Sunday, and those who felt they were owners of Mexico are alarmed,” declared the president in his morning conference.

The Mexican president considered “natural, normal, that these swings occur” in the markets, in which the Mexican Stock Exchange (BMV) accumulates a weekly drop of 1.27% and the Mexican peso a depreciation of 5.42% before last Friday, after Sunday’s elections.

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“Justice is above markets, it is like when you have to choose between law or justice, or when you have to choose between progress and slavery, that is, they are things of definition. Furthermore, people want that,” he argued. .

Analysts anticipated the victory of the ruling party’s presidential candidate, Sheinbaum, who won with almost 60% of the votes, but did not foresee that her alliance of parties would obtain a qualified majority, of two thirds, in Congress, with which she could reform the Constitution without negotiating with the opposition.

Fear among investors grew this Thursday, when the leader in Congress of the ruling National Regeneration Movement (Morena), Ignacio Mier, said that the ruling party would take advantage of its new majority as of September 1 to promote the 20 reforms announced by López Obrador 5th February.

Although Sheinbaum, who takes office a month after the new configuration of Congress, promised last night that he would open the initiatives to dialogue, López Obrador now insisted that he will promote his reforms “because it is convenient for the country.”

Among the most controversial initiatives are electing judges and the Supreme Court by popular vote, the elimination of autonomous regulators of economic competition, energy and telecommunications, and the replacement of the National Electoral Institute (INE), the independent body that organizes elections. elections.

“Of all the reforms that we are proposing, the one that supposedly produces the most nervousness in the markets is the reform of the Judicial Branch. Why do you believe? Because the Judiciary is hijacked, it is taken over, it is at the service of a minority of those at the top,” the president argued.

The president asserted that in Mexico “we do not act in an authoritarian manner, there have just been elections, the cleanest and freest in history and that all these reforms are for the benefit of the country.”

The final counts to define the majorities in Congress will be revealed on Saturday, when the INE releases the final vote count.