Facing Facts: SA really has problems

2012-10-10 00:00

LAST week saw a cascade of South African debt downgrades from ratings agency Moody’s. First, Moody’s started at the top and downgraded South African government bonds to Baa1 from A3, with a negative outlook indicating the potential for future downgrades.

Now, what you just read there was a long list, but I decided to include all of it to make a simple point: the current instability in the country is costing everyone something, from the national government to your city to your local bank. All of them are facing diminished credibility and increased borrowing costs, and that’s going to impact on you and your family unless you do something about it.

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