From the opposition in Mexico
The son of the Mexican president who nationalized the oil industry has a plan to fix Pemex. Will anyone listen?Leftist leader wants to repair, not privatize Mexico's oil industry
Mexico’s most prestigious leftist leader on Monday challenged President Enrique Peña Nieto’s proposal to open the national oil industry to private investment…
Cuauhtemoc Cardenas said the state oil monopoly, Pemex, is in dire need of repair, but that amending the Constitution… is unnecessary and makes Mexico’s resources dangerously vulnerable to outside exploitation.
Cardenas
Instead, Cardenas offered an eight-point plan that would give Pemex financial and administrative autonomy, relieving it, he said, of the onerous state bureaucracy that cripples its ability to grow and become more efficient. The plan would also lower Pemex’s tax burden; currently, the company pays up to 70% of its revenue to the government.
Peña Nieto most likely has the votes he needs in Congress to pass the bill he has proposed, thanks to his Institutional Revolutionary Party and the all-but-certain support of the conservative National Action Party. But the left has the potential to stir bitter debate and galvanize public opposition to the president’s plan, a cornerstone of his young government’s agenda…
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Labels: economics, Mexico, politics
posted by Ken Wedding @ 6:00 AM
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