Mexico's incoming administration pledges to reduce budget deficit as markets recover from shock

Mexico's treasury secretary has pledged to bring down the budget deficit in coming years, after the country suffered a partial meltdown in the currency and stock market. Treasury Secretary Rogelio Ramírez said Tuesday the federal deficit will be cut from this year's level of 6% of GDP, to around 3% in the coming years. But analysts say it would be difficult to achieve such a quick reduction. Ramírez also said the government would work to improve the financial affairs of the debt-laden state oil company, Petróleos Mexicanos. The Mexican peso dropped over 4% Monday against the U.S. dollar, and the Mexican stock exchange took a dive to close off 6%.