Nervous bond holders will pore over Mexico’s budget like never before this weekend to see if leftist President Andres Manuel Lopez Obrador can pull off higher social spending, tax cuts and pricey oil ventures without increasing debt.
On Saturday, Lopez Obrador submits his 2019 budget to lawmakers, with markets on tenterhooks to see how he will marry his commitment to fiscal discipline to a long list of campaign pledges.
If he fails to convince the market he has a savings plan to fund welfare programs and new infrastructure, it could deepen a run on Mexican assets, and put Mexico . . .
