The question at the forefront of our clients’ minds now when they consider fixed-income investment in SA is: “How safe is it to invest in SA government bonds given the current fiscal situation?”. We have considered four different scenarios, which sit on a continuum.

At one end is the high road scenario, in which the government pursues the right policies for economic growth and this creates general prosperity. At the opposite end of the continuum is the failed state, in which the government runs out of money...

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