Mexico Announces Austerity Plan
March 17, 2010 - 4:57 AMMexico's economy shrank 6.8 percent last year, hard hit by the U.S. recession.
The Finance Department says the plan includes a freeze on pay raises this year for high- and mid-ranking civil servants and a reduction in personal expenses.
The government also plans to cut telephone, photocopying and printing usage and water consumption and pledges not to rent or buy new buildings or purchase vehicles in 2010.
The military and some security, educational and health services are exempt from the measures announced Tuesday.
Mexico's economy shrank 6.8 percent last year, hard hit by the U.S. recession.
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