The results of Mexico’s July elections, where President Felipe Calderon lost support in Congress, don’t bode well for taking steps that will fix Mexico’s economy, according to economist Rogelio Ramirez de la O.

“The election result is very bad: we’re going to see a stalemate in all fundamental economic decisions,” he told Bloomberg.

Ramirez de la O expects the Mexican Peso will fall between 12 and 15 percent compared to the dollar from its 13.1917 trade last week, according to the report.

Ramirez de la O believes investors are thinking “Who knows when its problems are going to get fixed?”

The peso has been the worst performing major currency in the past year.