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Mexico slashes federal budget by $8.3 billion

Monday, February 2, 2015

Faced with declining prices for its oil exports, Mexico’s government announced $8.3 billion in budget cuts, slashing the budget of the state oil company.

It also effectively canceled a bullet train project at the center of a conflict-of-interest scandal that has weakened Enrique Peña Nieto’s presidency.

Source: New York Times