Monday, June 5, 2023

Banamex purchase failed due to blasphemous conflict: Reuters sources

The increasing attacks of Mexican President Andrés Manuel López Obrador against his opponents and his interventions in the economy are part of the campaign to strengthen his legacy and to strengthen the support of a possible successor before the presidential elections in the near future. in the year year

On Friday, the veteran leftist dissuaded investors that he sees the temporary occupation of a private railway line as one of his flagship public projects aimed at development in the poor southern region.

It emerged on Wednesday that the company whose rail unit it controlled – Grupo México – was no longer in the running to buy the US unit of Mexican bank Citigroup, which instead said it would seek an initial public offering.

Some family members interviewed blamed the blasphemy dispute for the lack of peace, says Reuters analysis signed by Dave Graham.

The event follows the attack of López Obrador on the Supreme Court of Justice, which repealed the government to expose its emblematic public works, and resisted the energetic interest of the nation, which fueled the conflict with the United States and other business partners.

Although he has been generally sparing with his financial partners, the president has tried to encourage broader investment and take advantage of growing interest in companies moving to Mexico from Asia due to trade tensions between the United States and China.

His censure of the Court and other checks on his power have fueled opposition accusations that he is aiming to seize power before the June 2024 presidential vote, which his party is poised to win despite López Obrador being barred from running because Mexican presidents are limited to one term.

Polimnia Sierra, a former adviser to López Obrador, said the president is playing on popular prejudices about a corrupt elite, anti-Americanism and inequality, while deliberately encouraging opposition attacks on him.

“It feeds two great schools of thought, it fires every day,” said Sierra, now an opposition lawmaker. “People want to talk about the rich and call them thieves. That’s why he didn’t go down in the repulse,” he added.

Spokesman López Obrador acknowledged that the president is under economic pressure to deliver on key projects, that he has drawn his critics to the grassroots before the presidential election and that the opposition has been drawn into a debate about his conditions.

The president alleges that previous administrations rigged the economy in favor of a wealthy minority, and that he was elected primarily to protect the interests of poor Mexicans.

“I will respect the people,” he said this week.

López Obrador’s approval ratings remained close to or above 60% for the majority of his administration, providing support for the regeneration Movimiento regeneración Nacional (Morena) is trying to obtain a second term of six years to 2024.

López Obrador has urged his party to continue what he calls Mexico’s “fourth change” after he retires next year. Morena’s reminders show that she is a strong favorite to win in 2024, boosted by the popularity of López Obrador himself.

Insignia suggest the 69-year-old president’s favorites are Mexico City Mayor Claudia Sheinbaum and Foreign Minister Marcelo Ebrard, both allies of the president at the time.


López Obrador has devoted more and more time to flagship projects, and Sierra said the rail dispute with Grupo México was a sign not that he was preparing for a wider conflict with the companies, but rather that he was aiming to complete his pet projects.

The track is part of a plan to create a modern rail link between the Pacific and Gulf of Mexico coasts which, together with another railway under construction in the Yucatan Peninsula, called the “Maya Train”, are among the largest infrastructure projects.

“It is planned with a private plan, but only (when) it is met,” Sierra said, adding that the president has proven to be less interventionist in the fight against the government of his power than he had initially expected. “It’s not the socialist we thought it was,” he added.

López Obrador has repeatedly praised the management of the economy, the rise of Mexico’s main stock index, the aversion to taking on debt and the stabilization of the peso during his tenure. He also refused to raise taxes.

But in his daily press conferences, he blasted organizations that hindered his efforts to fulfill campaign promises or provide critical financial support.

When the opposition was reduced and the judiciary was divided, he became most visible and curbed his ambitions.

This week, López Obrador once again accused the Supreme Court of being under the control of communal interests, which had plunged Mexico into “decline.”

Banamex purchase failed due to blasphemous conflict: reuters sources

Gabriela Cuevas, the former deputy of Morena, said that, while he was alarmed by such attacks, he had once again let down the opposition and that the president had instituted a public debate using the contests set up as in the Supreme Court and other secondary bodies for many older Mexicans. about security and poverty.

Because López Obrador’s opposition has failed to break the narrative’s grip, elite-dominated institutions such as the Supreme Court have become more attractive targets for him.

As elections approach, the divisive rhetoric that voters respond to is likely to increase, Cuevas added.

“What the people know is what hurts the Mexicans,” he said.

World Nation News Desk
World Nation News Desk
World Nation News is a digital news portal website. Which provides important and latest breaking news updates to our audience in an effective and efficient ways, like world’s top stories, entertainment, sports, technology and much more news.
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