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The Stability Council of the Financial System of Mexico underscored the economic challenges faced by the COVID-19 epidemic

He Stability Council of the Financial System of Mexico noted on Tuesday that the prospects for the world and mexican economy they have deteriorated as a result of the impact of the coronavirus pandemic and the sanitary measures to contain it.

In updating its balance of risks for the financial system, the Council chaired by the Secretary of the Treasury, Arturo Herrerastressed the challenges that it faces in the wake of the COVID-19 epidemic.

The agency considered that the global and national economic prospects “have significantly impaired”As a consequence of the impact of COVID-19 on the economic activity.

In addition to the effects of the pandemic, the risk of a further slowdown of the global economy and the uncertainty associated with its recovery, as well as an increase in volatility in international financial markets and a recomposition of flows to assets of lower risk, he pointed.

Among the internal factors, “uncertainty prevails over the depth of the contraction of the Economy of mexico and the speed of the recovery, mainly due to the necessary gradualness of the reopening to avoid a growth in the COVID-19 infections“He explained.

It considered as internal risks the additional adjustments to the sovereign and Mexican oil (Pemex) that have been reduced by rating agencies.

Mexican authorities have said they expect a speedy recovery of economic activity after sanitary measures to prevent its spread, although analysts and experts consider that the country may end the year with a drop of up to -10.5 percent in its economy

The Council highlighted that the country’s financial markets had “a better performance in the second quarter ”and that lower interest rates have been observed for government securities, a decrease in risk premiums in addition to the exchange rate appreciated, albeit in an environment of volatility.

He stressed that the financial system of Mexico, as a whole, faced the start of the pandemic in a solid liquidity position and capital, and despite the fact that the situation remains stable, risks persist that could affect its proper functioning.

The Council is made up of the secretary and undersecretary of Finance, the governor and two deputy governors of the Bank of Mexico and the presidents of the National Banking and Securities Commissions, National Insurance and Bonds, National Retirement Savings System and the head of the Institute for the Protection of Bank Savings.

With information from EFE

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Oklahoma pro-police group launches petition to oust Norman mayor, council for cutting funding

A group of Norman, Okla., residents have launched a recall effort to oust the city's mayor and half the City Council over budget cuts to the police department and her order that people wear masks in public to prevent the spread of the coronavirus.

The group "Unite Norman" was borne out of frustration with a June 17 City Council vote to divert $865,000 -- or 3.6 percent --  of police funds to community development programs to track police overtime and to fund an internal auditor position. The vote was taken after a contentious 11-hour meeting held amid nationwide protests over the death of George Floyd and calls to reign in police misconduct.

In a series of tweets, Mayor Breea Clark called the grounds for the recall alleged in the petition "false and baseless."

Four of Norman's eight City Council members being targeted are Ward 1 representative Kate Bierman, Ward 3 representative Alison Petrone, Ward 5 representative Sereta Wilson and Ward 7 representative Stephen Holman.

The group says it has a bipartisan agenda with the goal of removing "divisive and radical figures" in an effort to "to return Norman to the center politically," according to its Facebook page.

"We are trying to get rid of radicals," group member Russell Smith told KWTV-DT. "This has nothing to do with Democrat or Republican, left or right. We want to center the ship here in Norman."

Group members were also upset with Clark's decision to mandate the wearing of masks following an uptick in coronavirus cases. She was further criticized for keeping some businesses and houses of worship closed.

Norman Mayor Breea Clark listens during a Tuesday City Council meeting. (AP Photo/Sue Ogrocki)

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As of Friday, Norman, the third-largest city in the state, reported 637 COVID-19 cases and 23 deaths.

The petition to oust Clark would require the collecting of at least 18,125 signatures -- or 25 percent of registered voters to move forward, The Oklahoman reported. Signatures to oust the councilmembers would require significantly less since they represent portions of the city.

The Associated Press contributed to this report. 

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