Earlier this week Mexico’s Congress passed the 2011 budget. On the face of it, the planned headline deficit of 0.5% of GDP is small – particularly when compared to the huge budget shortfalls that are likely in the developed world. But the underlying position is much weaker and medium-term fiscal sustainability continues to hinge on the price of oil.
Subscriber content
Read this in full, free
Start a free trial and use one of your 10 free starter credits to unlock this piece.