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Argentina Moves to Cut Subsidies as Budget Deficit Widens

Argentine President Cristina Fernandez de Kirchner is cutting utility subsidies to commercial users in a bid to stem a widening budget deficit in South America’s second-biggest economy.

“Nobody should receive a subsidy that he doesn’t need,” Planning Minister Julio De Vido, who oversees utilities, energy and transportation, said in a press conference in Buenos Aires with Economy Minister and Vice President-elect Amado Boudou.