For two years, financiers at Mexico's biggest annual banking bash issued ve...
ACAPULCO, Mexico - For two years, financiers at Mexico’s biggest annual banking bash issued veiled warnings about the risk of veteran leftist Andres Manuel Lopez Obrador taking power.
Bank bosses have used the run-up to the banking convention in Acapulco beginning on Thursday to signal approval for Lopez Obrador’s plans to tackle chronic inequality via welfare handouts, ramp up financial inclusion and lift economic growth. Still, skepticism about his economic credentials is widespread in business circles. So far executives have reasoned they have more to gain by working with him than picking a fight with a president whose approval ratings run close to 80 percent.
At this week’s conference in Acapulco, Mexico’s banks would likely deliver a clear message to the president that they will work with him to achieve his goals, said a senior financial industry source, speaking on condition of anonymity. Stating Mexico had “more financial resources than there are projects”, the new head of Mexico’s powerful CCE business lobby, Carlos Salazar, said last month it would work to end extreme poverty by the end of Lopez Obrador’s term.
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