Ernesto Revilla, managing director and head of Latin America economics at Citigroup: “AMLO’s proposal to reform the pension system to guarantee a 100 percent replacement rate (a pension equal to the workers’ last salary) should be understood in the terrain of political strategy rather than on the realm of reality. AMLO will present constitutional reforms to Congress on Feb. 5 to guarantee a pension with a 100 percent replacement rate and also guarantee an annual increase in the minimum wage, higher than inflation. The starting point is that AMLO does not have the votes in Congress for this reform. Second, the mathematical impossibility of achieving such a promise is equivalent to promising an end of poverty by decree. No country in the world can achieve such replacement rates, much less an emerging market with…”