top of page

Judicial strikes grow in Mexico over reform pushing currency lower

Writer's picture: News Agency News Agency
Mexico's President Andres Manuel Lopez Obrador looks on, as Mexico's Security Minister Rosa Icela Rodriguez (not pictured) informs of the detention of drug traffickers Joaquin Guzman Lopez, El Chapo Guzman's son, and Ismael "El Mayo" Zambada, during a press conference at the National Palace, in Mexico City, Mexico July 26, 2024. /Henry Romero/File Photo
Mexico's President Andres Manuel Lopez Obrador looks on, as Mexico's Security Minister Rosa Icela Rodriguez (not pictured) informs of the detention of drug traffickers Joaquin Guzman Lopez, El Chapo Guzman's son, and Ismael "El Mayo" Zambada, during a press conference at the National Palace, in Mexico City, Mexico July 26, 2024. /Henry Romero/File Photo

MEXICO CITY - Judges and magistrates joined a strike on Wednesday as protests against a judicial reform pushed by outgoing President Andres Manuel Lopez Obrador gained momentum, weighing on markets with the peso falling over 2%.


The controversial reform, by which judges - including Supreme Court justices - would be elected by popular vote, is a top priority for Lopez Obrador, who argues it will help combat impunity and corruption.


But markets have been on edge since the ruling Morena party won an even greater chunk of Congressional seats than forecast in a June national election, effectively guaranteeing them the ability to pass constitutional reforms when the new Congress takes office next month.


"We are heading towards an unprecedented constitutional crisis, a crisis that, if not stopped, will leave deep scars in our social fabric," Juana Fuentes, president of the union that brings together magistrates and judges, said on Wednesday.


Fuentes said the strike would continue until the proposal was scrapped, but that the judiciary would still handle urgent cases.


Opponents of the reform say the popular election of judges would end merit-based career paths and make the judiciary even more vulnerable to outside influence, such as from political parties or even organized crime groups.


Markets are worried the changes would erode key checks and balances on presidential power, damage the business climate in Latin America's second-largest economy, and lead to trade disputes under the North American trade agreement, USMCA.


An altered proposal, which would see the initial election of judges staggered into two parts, appears to have done little to calm concerns.


On Tuesday, investment bank Morgan Stanley downgraded Mexico to "underweight" - an effective sell recommendation - saying the proposed judicial reform "should increase risk" and could hit investment. "That's a problem as nearshoring is reaching key bottlenecks," the bank said in a note.


The Mexican peso was down more than 2% in afternoon trade and the Mexican stock market down 0.6%.


Lopez Obrador criticized the strike and said it would not change his mind about the reform.


"Nothing is happening with their movement, it doesn't matter, because they don't serve the population," he said during a regular morning press conference.

Comentarios


Top Stories

Advertise Now (1).png
BAFTA Awards 2025 Red Carpet | Emilia Perez, Anora, The Brutalist, Conclave, A Complete Unknown

BAFTA Awards 2025 Red Carpet | Emilia Perez, Anora, The Brutalist, Conclave, A Complete Unknown

Watch the 2025 BAFTA Awards live from London, UK! 🌟 Stars from top films like Anora, Conclave, Emilia Perez, and Gladiator II arrive on the red carpet. Enjoy exclusive interviews with nominees for Best Film, Outstanding British Film, and more. Don’t miss the glitz and glamour of British cinema’s biggest night! #BAFTA2025 #RedCarpet #BAFTAAwards #UKCinema #LiveStream #FilmAwards #BritishFilm #BAFTANominees #MovieStars #London BEST FILM Anora The Brutalist A Complete Unknown Conclave Emilia Perez OUTSTANDING BRITISH FILM Bird Blitz Conclave Gladiator II Hard Truths Kneecap Lee Love Lies Bleeding The Outrun Wallace And Gromit: Vengeance Most Fowl OUTSTANDING DEBUT BY A BRITISH WRITER, DIRECTOR OR PRODUCER Hoard - Luna Carmoon (director/ writer) Kneecap - Rich Peppiatt (director, writer) Monkey Man - Dev Patel (director) Santosh - Sandhya Suri (director, writer), James Bowsher (producer), Balthazar de Ganay (producer) Sister Midnight - Karan Kandhari (director, writer) FILM NOT IN THE ENGLISH LANGUAGE All We Imagine As Light Emilia Perez I'm Still Here Kneecap The Seed Of The Sacred Fig DOCUMENTARY Black Box Diaries Daughters No Other Land Super/Man: The Christopher Reeve Story Will & Harper ANIMATED FILM Flow Inside Out 2 Wallace And Gromit: Vengeance Most Fowl The Wild Robot CHILDREN'S & FAMILY FILM Flow Kensuke's Kingdom Wallace And Gromit: Vengeance Most Fowl The Wild Robot DIRECTOR Anora - Sean Baker The Brutalist - Brady Corbet Conclave - Edward Berger Dune: Part Two - Denis Villeneuve Emilia Perez - Jacques Audiard The Substance - Coralie Fargeat LEADING ACTRESS Cynthia Erivo - Wicked Karla Sofia Gascon - Emilia Perez Marianne Jean-Baptiste - Hard Truths Mikey Madison - Anora Demi Moore - The Substance Saoirse Ronan - The Outrun LEADING ACTOR Adrien Brody - The Brutalist Timothee Chalamet - A Complete Unknown Colman Domingo - Sing Sing Ralph Fiennes - Conclave Hugh Grant - Heretic Sebastian Stan - The Apprentice SUPPORTING ACTRESS Selena Gomez - Emilia Perez Ariana Grande - Wicked Felicity Jones - The Brutalist Jamie Lee Curtis - The Last Showgirl Isabella Rossellini - Conclave Zoe Saldana - Emilia Perez SUPPORTING ACTOR Yura Borisov - Anora Kieran Culkin - A Real Pain Clarence Maclin - Sing Sing Edward Norton - A Complete Unknown Guy Pearce - The Brutalist Jeremy Strong - The Apprentice
9.png
Live Streams | Facts | Analysis | Explainers | Breaking News

Get in Touch

Manikondu Pvt Ltd
SY. 130P & 115/1P, ISB Rd
Financial District, Gachibowli
Hyderabad, India 500032
letstalk {at} amaravati (dot) today

Follow us on

  • X
  • LinkedIn
  • Youtube
  • Facebook
  • Instagram

© 2024 by Amaravati Today | Privacy Policy | Imprint & Dsiclaimer | CIN: U70200TS2024PTC184435

bottom of page