Mexico's new finance minister Arturo Herrera is a pragmatic and respected p...
MEXICO CITY - Mexico’s new finance minister Arturo Herrera is a pragmatic and respected policy maker who says he was inspired to study economics by the Latin American debt crisis that wrought financial chaos and wrecked livelihoods in his country.
Urzua, who was seen as a moderate policymaker and disciplined manager of public finances, blamed meddling in the finance ministry and ill-thought-out economic policies for his abrupt resignation. It fueled concerns in Mexico and among investors around the world of disarray in the government. He spoke of the importance of focusing on growth without spurring the runaway inflation and currency crises that stunted Mexico in the 1980s and 1990s, themes he referred back to after assuming his new role.
Urzua did not elaborate on what policy steps led him to resign, but decisions by Lopez Obrador to cancel a partially built $13 billion airport, designate scarce funds to a new oil refinery and forcefully renegotiate gas pipeline contracts with Canadian and U.S. companies have all led to market volatility.
“But the outgoing finance minister’s resignation letter confirms the waning influence of the office of the finance minister over key decisions.”Herrera told Reuters in the interview last year that he was inspired to study economics by the Latin American debt crisis in the 1980s that saw the region’s largest economies crippled by heavy international debt repayments.
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