Mexico plans major budget cuts for 2016

Mexican Finance Minister Luis Videgaray confirmed in London that the government would introduce additional cuts in public spending of about US$9 billion as a result of the decline in oil prices. Such budget cutbacks are the largest in a decade. The main causality will be the state oil company Pemex, whose revenue accounts for a third of the federal budget. Critics charge the cutbacks are designed to lay the basis for dismantling Pemex. Clayton Conn reports from Mexico City. teleSUR