Argentina eyes cuts in state subsidies

Re-elected president faces a struggling economy as demand for major export items like corn and soybean falls.



    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.

    SOURCE: Al Jazeera


    YOU MIGHT ALSO LIKE

    Israel’s settlements: 50 years of land theft explained

    Israel’s settlements: 50 years of land theft explained

    On the anniversary of UN Resolution 242, Al Jazeera explores the illegal Israeli settlement enterprise.

    Robert Mugabe: Portrait of a presidency

    Robert Mugabe: Portrait of a presidency

    Some key moments in the life of the man who led his country from independence in 1980 until November 21, 2017.

    When is Thanksgiving Day and why is it celebrated?

    When is Thanksgiving Day and why is it celebrated?

    In the US, Thanksgiving Day will be celebrated on Thursday, November 23.