Judicial Reform Sparks Nationwide Strike in Mexico

Judges and magistrates across Mexico went on strike to protest a judicial reform initiative by President Andres Manuel Lopez Obrador. The reform, which seeks to elect judges by popular vote, has caused economic concerns and market instability, with the peso dropping over 2%.

Judges and magistrates across Mexico joined a nationwide strike on Wednesday, protesting a judicial reform pushed by outgoing President Andres Manuel Lopez Obrador. The reform, which mandates that judges, including Supreme Court justices, be elected by popular vote, has generated significant opposition and market instability.

President Obrador, who argues the reform will combat impunity and corruption, saw his ruling Morena party secure a stronger grip on Congress in the recent June elections, effectively enabling them to pass constitutional reforms. "We are heading towards an unprecedented constitutional crisis," warned Juana Fuentes, president of the judges' union, calling for the strike to continue until the proposal is scrapped.

Critics argue that the popular election of judges would compromise judicial independence and expose the judiciary to political and criminal influences. Financial markets are particularly concerned about the erosion of checks and balances, which could adversely affect the investment climate. On Tuesday, Morgan Stanley downgraded Mexico to an 'underweight' status, advising against investment due to the potential risks posed by the reform.

(With inputs from agencies.)