CLAIRE BISSEKER: It’s way past midnight for the SA project
Not since 1994 have SA’s local currency ratings been this low. The fact that the ratings agencies have kept SA on a negative outlook suggests the country may be in the dark a while yet ...
The snotklap SA received from the ratings agencies over the weekend is exactly the wakeup call the country needs. Not that the man in the street needs any reminder of how tough things are. But pampered politicians and public servants enjoying sheltered employment at taxpayers’ expense clearly need reminding that the party is over.
The move by Moody’s and Fitch to downgrade SA even deeper into junk territory just six months after their previous downgrades is bad enough, but even more shocking is their decision to retain SA on a “negative” outlook, as it means they have little faith in the country’s ability to turn itself around...
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