“Mexico is sovereign,” responded the president-elect, Claudia Sheinbaum, to the investment banks Morgan Stanley and Bank of America, which, she said, “are misinformed,” because with the reform to the Judicial Branch “we are going to have a better justice system in Mexico”.
“They don’t have to worry,” because “their investments will be even more protected,” said the Morena member, who was questioned at a press conference about Morgan Stanley recommending her clients Do not invest in Mexico and Bank of America warned that the reform of the judiciary is “very high risk”.
“So they don’t have to worry or issue these statements. What they are suggesting there is not correct, perhaps they are misinformed, because, on the contrary, Mexico is going to be strengthened, and by strengthening its Judiciarybecause a Mexico is strengthened with Rule of law“, he said.
In addition, the former head of the capital’s government rejected the idea that the reform to the Judicial Branch, which is expected to be approved in September when the new legislature of the Congress of the Union enters, represents “a threat” to the Treaty between Mexico, the United States and Canada (T-MEC).
-Is it then guaranteed that the T-MEC commitments will be fulfilled and maintained? – he was asked.
-Yes, because the USMCA does not say: ‘this institution must be maintained with this name’, but rather the functions associated with an institution and that they are developed in a certain way – he argued.
Bank of America warned early yesterday that in these 90 days, the controversies President Lopez Obrador’s reformsthe elections in the United States and the “overrepresentation” of the ruling party in Congress could negatively mark the next decade in Mexico.
The bank noted that Mexico is going through the busiest and most momentous political calendar in recent times.
On the other hand, Sheinbaum stated that suspension of work for an indefinite period in the Judiciary of the Federation, in protest against the reform promoted by the head of the federal Executive, is not “a labor crisis”, but “a political issue”, since “they continue to collect their salary without working.”
“Do you know how much a judge earns per month, more or less in salary? More than 150 thousand pesos per month,” he complained and added: “It is not a labor crisis. It is a decision by workers of the Judicial Branch to go on strike for a political matter, because their salaries are not being affected.” labor rights. It is respected because we respect any public demonstration. We can also express our opinion. Dialogue is there, but it is not a work matter.”
The day before, the American investment bank Morgan Stanley He advised his clients not to invest in stocks or to reduce their stakes in Mexican companies, given that the reform of the Judicial Branch will increase risk premiums in Mexico.
“They don’t have to worry. First, Mexico is sovereign and investors don’t have to worry. On the contrary, we are going to have a better justice system in Mexico,” he said.
“Anyone who knows the judiciary, including investors, knows the corruption problems that exist there, and if we have said that one of the biggest problems that Mexico has had, historically, is corruption, then I do not believe that any foreign or national investor is in favor of corruption,” he added.
The president-elect stressed that with the reform to the Judicial Branch, “their investments will be even more protected, and there will be a judicial system that will serve the rich and the poor equally, (so) they will not have to go through an illegal monetary exchange to be able to obtain a resolution.”
However, a note from CitiBanamex warns that the markets seem to underestimate the “serious implications” of the initiative judicial reform of the Executive, which, although it does not eliminate the system of courts and judges of the country, yes, “it subjects it to the impossible adventure of being configured based on the majority validation of the polls, at the risk of collapsing the judicial function.”