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Zero Hedge
ZeroHedge
3 Jun 2024


NextImg:Mexico Elects Leftist Claudia Sheinbaum As First Female President In Landslide

Mexico has a new president, marking two historical firsts as Claudia Sheinbaum's Sunday election by a landslide will make her the first woman to enter the country's highest office, as well as the first Jewish person.

Sheinbaum's ruling Morena party is also on track to hold majorities in both chambers of Congress, a possible two-thirds supermajority where reform measures can be passed with no opposition. Thus President Andrés Manuel López Obrador's left-wing party will continue its mandate, and Sheinbaum is his handpicked successor.

The 61-year-old is former mayor of Mexico City and a climate scientist by training. Her chief opposition candidate Xóchitl Gálvez, also a woman, has called Sheinbaum to concede in addition to Jorge Álvarez Máynez of the small Citizen's Movement party.

The National Electoral Institute announced that she won around 58-60 percent of votes, according to AFP, which is over 30 percentage points ahead of main opposition rival Galvez. One international outlet has observed of the big numbers she put up:

But this is absolutely a landslide victory, much larger than anyone had expected in fact. And it could be in fact the largest percentage of votes that any candidate has had in recent history in Mexico, including Lopez Obrador himself, an extremely popular president.

But it appears Claudia Sheinbaum has even beaten him.

"I will become the first woman president of Mexico," Sheinbaum declared from Mexico city, after landslide election projections were released.

"I don’t make it alone. We’ve all made it, with our heroines who gave us our homeland, with our mothers, our daughters and our granddaughters," she added. "We have demonstrated that Mexico is a democratic country with peaceful elections."

Her six-year term begins on Oct.1. She has vowed continuity with her predecessor López Obrador:

"We have made possible the continuity and progress of the fourth transformation. I commit to you that I will not let you down. There is history, there is homeland, there is people, and there is commitment," she said.

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Below is a list of national issues she's up against going into office, compiled by The Associated Press:

Globally, various left-wing movements are excited about her credentials as a climate scientists. For example Britain's Jeremy Corbyn has said of her win, "This is a victory for the people of Mexico, for social justice and for the future of our planet."

The Peso is tumbling Monday morning...

...with Bloomberg reporting:

Signs that Claudia Sheinbaum will take office with a strong majority in Congress sent Mexican assets lower, as traders fear the incoming leader may have the legislative support to pass anti-market reforms.

The Mexican peso led losses among more than 140 currencies tracked by Bloomberg, sinking 2.9% versus the greenback as of 9:40 a.m. in New York. Dollar bonds fell the most in emerging markets and 10-year interest-rate swaps jumped 15 basis points. 

Sheinbaum told a crowd on Sunday: "We imagine a plural, diverse, and democratic Mexico. Our duty is and will always be to look after each and every Mexican, without distinction."