{"id":38265,"date":"2018-09-25T09:57:38","date_gmt":"2018-09-25T14:57:38","guid":{"rendered":"http:\/\/olduvai.ca\/?p=38265"},"modified":"2018-09-25T09:57:38","modified_gmt":"2018-09-25T14:57:38","slug":"president-elect-of-mexicos-bombshell-economy-in-situation-of-bankruptcy","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=38265","title":{"rendered":"President-Elect of Mexico\u2019s Bombshell: Economy in \u201cSituation of Bankruptcy\u201d"},"content":{"rendered":"<header>\n<h3 class=\"entry-title\"><a href=\"https:\/\/wolfstreet.com\/2018\/09\/24\/president-elect-mexico-amlo-economy-in-situation-of-bankruptcy\/\">President-Elect of Mexico\u2019s Bombshell: Economy in \u201cSituation of Bankruptcy\u201d<\/a><\/h3>\n<\/header>\n<div class=\"entry-content\">\n<p><strong>And why are Bank of Mexico executives and employees resigning in droves?<\/strong><\/p>\n<p>Around 200 central bank employees, including 20 senior executives, <a href=\"http:\/\/www.economiahoy.mx\/nacional-eAm-mx\/noticias\/9399351\/09\/18\/El-recorte-de-sueldos-de-los-funcionarios-provoca-la-salida-de-200-trabajadores-de-Banxico.html\" target=\"_blank\" rel=\"noopener\">have left their posts<\/a> at the Bank of Mexico (Banxico) since presidential elections on July 1 handed a resounding victory to populist Andr\u00e9s Manual Lopez Obrador (or AMLO). Unsurprisingly, their sudden departure has a lot to do with money.<\/p>\n<p>One of AMLO\u2019s manifesto pledges was to slash salaries for senior government officials and bureaucrats as part of sweeping cost-cutting measures. So far, he\u2019s kept to his word. Last week, Congress, now under the majority control of his party, Morena, passed a law that will make it impossible for any state employee to earn more than the president. The gross monthly salary of the current president, Enrique Pe\u00f1a Nieto, is 209,135 pesos ($11,700). AMLO has pledged to cut the salary in half when he takes over the post on December 1.<\/p>\n<p>The law will come into force in January and will apply to all three federal branches of government as well as regional and local government institutions. This could be a major problem for employees of Banxico, since all of them are considered public officials and many of them earn more than the current president. The average monthly salary of a Banxico board member is 365,000 pesos ($19,400), around 70% more than Pe\u00f1a Nieto\u2019s and over 230% higher than the salary AMLO has pledged to pay himself.<\/p>\n<p>Banxico has refused to comment on the matter but it\u2019s safe to assume that the gathering exodus of central bank employees has at least something to do with AMLO\u2019s plan to slash their salaries. Mexico\u2019s central bank workers, it seems, are less enthralled by the austerity principle when it\u2019s applied to their own income rather than others\u2019.<\/p>\n<p>\u2026click on the above link to read the rest of the article\u2026<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>President-Elect of Mexico\u2019s Bombshell: Economy in \u201cSituation of Bankruptcy\u201d And why are Bank of Mexico executives and employees resigning in droves? Around 200 central bank employees, including 20 senior executives, have left their posts at the Bank of Mexico (Banxico) since presidential elections on July 1 handed a resounding victory to populist Andr\u00e9s Manual Lopez [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[2],"tags":[21881,17295,1361,21882,5660,517,21880,4255],"class_list":["post-38265","post","type-post","status-publish","format-standard","hentry","category-economics","tag-andres-manual-lopez-obrador","tag-bank-of-mexico","tag-bankruptcy","tag-banxico","tag-don-quijones","tag-mexico","tag-president-elect","tag-wolfstreet"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/38265","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=38265"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/38265\/revisions"}],"predecessor-version":[{"id":38266,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/38265\/revisions\/38266"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=38265"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=38265"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=38265"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}