(I)n (M)y (F)ace... and yours
COVID-19 isn’t the cause of the swift descent into imminent national bankruptcy, South Africa had a pre-existing fiscal malaise that made it hypersensitive to the slightest of ailments. South Africa has now finally run out of fiscal runway and the country now has punishingly high nominal and real ten-year bond yields. What are the alternatives? What about the IMF? What are the consequences? Which business sector is worst affected?
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