Argentina eyes cuts in state subsidies
Re-elected president faces a struggling economy as demand for major export items like corn and soybean falls.
Last Modified: 01 Dec 2011 07:41

Argentina's government says it will cut subsidies to help the country deal with the world economic crisis by shaving approximately $933m worth of support for big companies and wealthy citizens.

The price of electricity, water and fuel are expected to go up by as much as 300 per cent in some areas.

Over a month ago, Cristina Kirchner Fernandez was re-elected as Argentina's president in a landslide election. She promised in her campaign to cut high government spending.

However, she is facing a struggling economy as the global slowdown reduces demand and prices for Argentina's major exports like corn and soybean.

Al Jazeera's Teresa Bo reports from Buenos Aires.

Al Jazeera
Topics in this article
Featured on Al Jazeera
At least 25 tax collectors have been killed since 2012 in Mogadishu, a city awash in weapons and abject poverty.
Tokyo government claims its homeless population has hit a record low, but analysts - and the homeless - beg to differ.
3D printers can cheaply construct homes and could soon be deployed to help victims of catastrophe rebuild their lives.
Lack of child protection laws means abandoned and orphaned kids rely heavily on the care of strangers.
Booming global trade in 50-million-year-old amber stones is lucrative, controversial, and extremely dangerous.
Legendary Native-American High Bird was trained in ancient warrior traditions, which he employed in World War II.
Hounded opposition figure says he's hoping for the best at sodomy appeal but prepared to return to prison.
Fears of rising Islamophobia and racial profiling after two soldiers killed in separate incidents.
Group's culture of summary justice is back in Northern Ireland's spotlight after new sexual assault accusations.