MARKET UPDATE: ZUMA’S BRAZEN CABINET RESHUFFLE TIPS THE SCALE MARCH 2017
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MARKET UPDATE: ZUMA’S BRAZEN CABINET RESHUFFLE TIPS THE SCALE MARCH 2017
South African Market:
Zuma’s brazen cabinet reshuffle has tipped the scale from the political tension we south africans are accustomed to living with, into fear. The immediate fallout was yesterday’s announcement that s&p have downgraded our foreign debt to junk status. We have entered a period of heightened political and economic uncertainty. So much opinion has been published in the last few days about the cabinet reshuffle that adding our two cents to the mix would be trite. Suffice to say that we share the concerns about the appointment of Zuma’s acolytes to facilitate the deals that will enrich him and his patronage network.