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

    We foreigners: What it means to be Bengali in India's Assam

    We foreigners: What it means to be Bengali in India's Assam

    As tensions over India's citizenship law shine a light on Assam, a writer explores the historical tensions in the state.

    Sentenced to death for blasphemy: Surviving Pakistan's death row

    Sentenced to death for blasphemy: Surviving Pakistan's death row

    The story of a man who spent 19 years awaiting execution reveals the power of a false blasphemy claim to destroy a life.

    The Syrian women and girls sold into sexual slavery in Lebanon

    The Syrian women and girls sold into sexual slavery in Lebanon

    Syria's refugee crisis has shone a light on sex trafficking in Lebanon, where victims are often treated as criminals.