Mexico Cuts Outlays Again
-- Low oil prices are forcing Mexico to tighten its fiscal belt another notch. On July 8, officials axed an additional $600 million of spending from the country's $100 billion budget for this year. Half the money will come out of Petroleos Mexicanos' exploration budget. Cuts decided so far this year now total $3.45 billion, or nearly 1% of gross domestic product.
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