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

    Learn what India's parties' symbols mean by drawing them

    Learn what India's parties' symbols mean by drawing them

    More than 2,300 political parties have registered for the largest electoral exercise in the world.

    Visualising every Saudi coalition air raid on Yemen

    Visualising every Saudi coalition air raid on Yemen

    Since March 2015, Saudi Arabia and a coalition of Arab states have launched more than 19,278 air raids across Yemen.

    Why did Bush go to war in Iraq?

    Why did Bush go to war in Iraq?

    No, it wasn't because of WMDs, democracy or Iraqi oil. The real reason is much more sinister than that.