However, as much as Mboweni has stressed that South Africa's financial behaviour needs to change urgently if a default on the nation's debt or a sovereign debt crisis is to be avoided, economists say a lot must still go wrong before we are characterised with other defaulting nations.
In 2021, when one thinks of a sovereign debt crisis or a state defaulting on its debt, one of three countries is likely to come to mind: Venezuela, Argentina and Zambia. The fallout when a state is unable to pay its debts or honour its repayment terms does not come from nowhere
