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The state can barely hold it together. The power utility, Eskom, is on the verge of collapse. Last week it told bondholders at a roadshow in London that it wants the majority of its R441bn debt transferred to the SA government. Read that again: R441bn in debt. In the same week Eskom announced an annual loss of R20.7bn.

Just a month ago finance minister Tito Mboweni announced that Eskom and SAA are among the state-owned enterprises that will receive support from the country’s contingency reserve account...

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