How will SA’s encroaching sovereign debt crisis play out in the ANC? One way to answer this question is to look at previous crises in other countries.

In November 1976, when debt default loomed for Britain, and a group of grey IMF men arrived in London, then prime minister Jim Callaghan secretly negotiated terms with them, including a whopping £2.5bn cut in state spending. Then he took the matter to his cabinet, most of whom were oblivious to the agreement he had made.

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