Don’t lend

2015-07-29 06:00

SOUTH Africa’s foreign debt has shrunk almost 0,005% from $145 082 million in 2014. This is a small percentage repayment of our international debt, but please, let me advise future foreign lenders to treat South Africa like Greece should we need more loans to bail out Eskom or other state-owned enterprises (SOEs).

If the IMF thinks the Greek government is corrupt, well sure, it probably invented classical corruption, but our government certainly perfected it.

Our ruling ANC officials would sooner go to war than privatise any cash cow SOEs, and after Nkandla, we can assume any austerity demands will be treated with contemptuous derision to get more foreign loans.

Just don’t offer any loans because Eskom would just buy potentially unsafe and cheap nuclear reactors, inflate the prices and pocket a kickback.

The economic meltdowns in Greece are stressful, but they would pale into insignificance when compared to eight of Eskom’s Russian nuclear reactor meltdowns.

How can Eskom be trusted with more nuclear reactors when it cannot keep coal supplies dry?


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