Mexico's President-Elect Slashes His Own Salary

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Andres Manuel Lopez Obrador has vowed to slim down Mexico's bloated government budget by taking a massive pay cut when he takes over as president in December.

"What we want is for the budget to reach everybody," he told reporters on Sunday.

He said he would take home 108,000 pesos per month (around $5,700, €4,900) – around 40 percent of current President Enrique Pena Nieto's salary of 270,000 pesos per month.

Left-wing Lopez Obrador, who is also known as AMLO, says he wanted to reduce his salary even further, but decided against it so as not breed resentment among future Cabinet members who often leave high-paying jobs to serve as ministers.