‘Til Debt Do Us Part’– Mexico Financial Reforms Favor Big Banks, Deny Credit to Millions of Farmers

Dawn Paley

Here’s a piece that goes a little way towards explaining the HUGE financial reform package presented by Mexico’s Finance Ministry in May.

‘Til Debt Do Us Part’– Mexico Financial Reforms Favor Big Banks, Deny Credit to Millions of Farmers

CIP Americas Program, July 10, 2013

A package of financial reforms proposed in Mexico has quietly been presented to congress. Although it hasn’t garnered much attention anywhere but in the business press, the proposal hasn’t escaped the attention of the U.S. financial sector. But critics argue the reforms could increase consumer debt and repossessions in Mexico, and lead to publicly funded bailouts of foreign-owned banks.

On May 8, Mexico’s Finance Ministry (SHCP) presented the financial reform to congress. The reform is 927 pages long, consisting of 13 decrees, which will amend 34 federal laws. The same day as the reform was published, Fitch Ratings raised Mexico’s credit rating to BBB+…

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