Hilary Joffe writes in Business Day that a downgrade is a particularly “miserable
prospect” for the banks. You don’t say.
A downgrade was probable even before finance minister Pravin
Gordhan took his roadshow to London and New York because the Sona and budget had failed
to address the structural economic weaknesses.
The plans that Christo Wiese, Colin Coleman and Cas Coovadia outlined in
their Sunday Times op-ed SA has 3 months to save itself is unlikely ever to be implemented
in 10 years, never mind three months. Get
real.
A downgrade is likely now that Gordhan is under
threat from the Hawks and elements in the ANC, who probably want the
country to be a wreck so they could capture the spoils at a fire-sale.
What has become of the good intentions government
and business spoke about after Gordhan’s reappointment in December? With the arguably more serious situation we are in
now than December, where are the high-powered business delegations to the ANC/government
to warn and pressure them to change?
As
usual,
the pusillanimous business leaders, particularly bankers, are publically
concerned about peripheral matters like racism, alleged white racists
in their employ and racism campaigns.
South Africa is burning and they are hunkering down in their bunkers, many, no
doubt, already moving their personal portfolios overseas to escape the inevitable
sale of SA assets following a downgrade.
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