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Weekly Report - 11 July 2019 (WR-19-27)

Urzúa plunges knife into López Obrador amid security crisis

There was never going to be a good time for Mexico’s finance minister Carlos Urzúa to tender his resignation. But his decision to do so as President Andrés Manuel López Obrador’s main public security initiative, the formation of a national guard (GN), is being forcefully challenged amid protests by the federal police (PF), compounded the blow. Urzúa did not go quietly. He published a trenchant resignation letter in which he accused the government of extremism and unqualified officials of meddling in financial matters they do not understand, denuding him of autonomy of action. It was a damning indictment. López Obrador sought to limit the damage by appointing a similarly moderate finance minister in Urzúa’s stead but his comments will have confirmed the suspicions of the markets and foreign investors that the finance ministry does not exert a restraining influence on the López Obrador administration.

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