Argentina’s new government will cut energy subsidies and devalue the peso by 50% in a bid to deal with a massive fiscal deficit. The government will also cancel tenders for public works, the new economy minister told media, as quoted by Reuters. According to Luis Caputo, this shock therapy would cause pain over the short term but "The objective is simply to avoid catastrophe and get the economy back on track," he said in a speech. Argentina is home to the second-largest shale formation in the world, the Vaca Muerta. Oil and gas production…
