They soon woke up and started toyi-toying, but it was too late.
Finance Minister Tito Mboweni’s tough talk on this issue this week is a timely reminder of the commitment South Africa has to bond markets and the global community to “render to Caesar what belongs to Caesar” and generally handle our finances properly.
The ratings agencies are watching us. If we’re not careful they’ll soon be here to take their pound of flesh and drop us down the bottomless ratings downgrade abyss.
Investors buy our bonds hoping they’d get returns.