News
Analysis
7x24
Quotes
Economic Calendar
Data
- Names
- Latest
- Prev.
Columns
Trending Topics
Daily News
To quickly learn market dynamics and follow market focuses in 15 min.
Central Bank
Inflation, exchange rates, and the economy shape the policy decisions of central banks; the attitudes and words of central bank officials also influence the actions of market traders.
Traders' Opinions
View trading ideas and learn trading strategies.
Forex
Money makes the world go round and currency is a permanent commodity. The forex market is full of surprises and expectations.
Recent Searches
Trending Searches
View All
No data
Mexico President Puts Unity First to Broker Compromise in Succession Race
Summary:
Mexican President Andres Manuel Lopez Obrador this week intervened in the increasingly fractious race to succeed him, a move party insiders said was aimed at warding off potential division and protecting the commanding political power base he has built.
Mexican President Andres Manuel Lopez Obrador this week intervened in the increasingly fractious race to succeed him, a move party insiders said was aimed at warding off potential division and protecting the commanding political power base he has built.
Under pressure for months from Foreign Minister Marcelo Ebrard to get contenders seeking the presidential nomination of the ruling National Regeneration Movement (MORENA) to step down before campaigning, Lopez Obrador this week finally went along with the idea, according to three party sources familiar with the matter.
In a dinner with party leaders in Mexico City on Monday, Lopez Obrador proposed that MORENA's contenders resign to ensure a level playing field, and that the party this weekend decide on rules for the selection process, the sources said.
"He's closing every loophole to prevent any disagreement," one of the sources said, speaking on condition of anonymity.
The president's office did not reply to a request for comment.
On Thursday morning, Lopez Obrador was asked about what was discussed at the MORENA dinner, and said: "We spoke of the need to remain united to guarantee the transformation of Mexico."
Ebrard, a leading contender to succeed Lopez Obrador, on Tuesday announced that he would step down next week. Ebrard's main rivals are likely to follow suit soon, the president himself suggested on Wednesday.
MORENA is expected to pick a candidate as soon as September. Mexico's next presidential election is in June 2024.
In public, the MORENA hopefuls have largely maintained a veneer of civility. But sniping between the rival camps behind the scenes has begun to erode the image of all-conquering unity the president tries to project for his party.
Under Lopez Obrador, MORENA in less than five years has replaced the Institutional Revolutionary Party (PRI) as the establishment party. On Sunday, it captured Mexico's most populous state after nearly a century of PRI rule.
However, in another election in the northern state of Coahuila that day, MORENA suffered a crushing defeat after infighting split its vote.
Lopez Obrador has been urging MORENA to fight for a two-thirds congressional super-majority next year.
That could allow him to push through contentious constitutional changes to the judiciary, which has persistently impeded his efforts to increase state control over the economy, before he leaves office on Sept. 30, 2024.
If MORENA is roiled by internal dissent, the prospect of such control looks remote.
Unity
MORENA now controls the federal Congress, over two-thirds of Mexico's states, and opinion polls make it the hot favorite to win the 2024 presidential election.
Lopez Obrador's personal popularity has bolstered support for his party. But under Mexican law, presidents may only serve a single six-year term.
Because of MORENA's dominance, the contest to secure the party's candidacy has become a virtual de facto presidential election in the eyes of many analysts.
Most recent polling gives Mexico City Mayor Claudia Sheinbaum a slight edge over Ebrard in the succession battle, and senior aides to the president have told Reuters they believe she is Lopez Obrador's preferred candidate.
He has repeatedly denied this, and insisted that the process be transparent and beyond reproach.
Ebrard, a veteran aide of Lopez Obrador who succeeded him as Mexico City mayor in 2006, has aired concerns that rivals such as Sheinbaum with domestic political mandates have an advantage, and that all contenders should therefore give up their office.
Those concerns have fed the impression that Ebrard might leave MORENA for another party, which the president is eager to avoid, said Andres Rozental, a former deputy foreign minister.
Ebrard has dismissed talk he could leave MORENA.
"The most important thing for Lopez Obrador right now is to keep his movement united and alive," Rozental said.
As recently as Monday, Sheinbaum was saying she had no intention of stepping down before the MORENA selection process had concluded. She was unaware what the president would propose that very evening, according to one of the party sources.
Her office had no immediate comment.
Having to resign would take away Sheinbaum's main platform, working to Ebrard's advantage, Rozental said.
But he still expected her to prevail in the end - and for the president's exhortations for the contenders to play by MORENA's rules, and remain civil, to be obeyed.
Not to do so, he said, would be "almost suicidal."
Source: Reuters
Risk Warnings and Investment Disclaimers
You understand and acknowledge that there is a high degree of risk involved in trading with strategies. Following any strategies or investment methodologies is the potential for loss. The content on the site is being provided by our contributors and analysts for information purposes only. You alone are solely responsible for determining whether any trading assets, or securities, or strategy, or any other product is suitable for you based on your investment objectives and financial situation.
Quick access to 7x24
Quick access to more editor-selected real-time news
Exclusive video for free
FastBull project team is dedicated to create exclusive videos
Follow more assets
You can add more assets to your watchlist to follow more real-time quotes.
More comprehensive macro data and economic indicators
More comprehensive historical data on indicators to help analyze macro markets
Member-only Database
Comprehensive forex, commodity, and equity market data
- Economic Calendar
- Events
- Holiday
BANKS ACT (%) PREV (%) CPI (%)
SYMBOL
LONG SHORT
English
English
العربية
繁體中文
简体中文
Bahasa Melayu
Bahasa Indonesia
ภาษาไทย
Tiếng Việt
Copyright © 2023 FastBull Ltd
Home News AI Signals Analysis Columns 7x24 Economic Calendar QuotesData WarehousePro User Agreement Privacy Policy About Us
Risk Disclosure
The risk of loss in trading financial assets such as stocks, FX, commodities, futures, bonds, ETFs or crypto can be substantial. You may sustain a total loss of the funds that you deposit with your broker. Therefore, you should carefully consider whether such trading is suitable for you in light of your circumstances and financial resources.
No consideration to invest should be made without thoroughly conduct your own due diligence, or consult with your financial advisors. Our web content might not suit you, since we have not known your financial condition and investment needs. It is possible that our financial information might have latency or contains inaccuracy, so you should be fully responsible for any of your transactions and investment decisions. The company will not be responsible for your capital lost.
Without getting the permission from the website, you are not allow to copy the website graphics, texts, or trade marks. Intellectual property rights in the content or data incorporated into this website belongs to its providers and exchange merchants.