In the boardrooms of banks and other financial institutions last week’s medium-term budget policy statement will have prompted conversations on what the likely path for the public finances looks like — and what it will mean for them.  

These are not new conversations for these institutions, which manage the deposits and savings of millions of South Africans. But they are gaining new urgency as the public debt spirals, and measures to force all of that private money to help, become ever more likely. ..

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