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

    Interactive: Coding like a girl

    Interactive: Coding like a girl

    What obstacles do young women in technology have to overcome to achieve their dreams? Play this retro game to find out.

    Heron Gate mass eviction: 'We never expected this in Canada'

    Hundreds face mass eviction in Canada's capital

    About 150 homes in one of Ottawa's most diverse and affordable communities are expected to be torn down in coming months

    I remember the day … I designed the Nigerian flag

    I remember the day … I designed the Nigerian flag

    In 1959, a year before Nigeria's independence, a 23-year-old student helped colour the country's identity.