STUART THEOBALD: Phala Phala has made it clear Ramaphosa is vulnerable, but there is no alternative

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It really does matter who else is available for leadership and whether institutions can be trusted to deliver reform

Is it possible to write about anything other than the Phala Phala scandal? Particularly on pages that are meant to make sense of financial markets? I have tried, dear reader, but failed. The fact is that the past few days have been the most meaningful for SA markets in years.

Thursday was a bruising day for those invested in SA debt or equities. As rumours began circulating that the president was about to resign, there was panic. Investors came to a stark view: in the absence of Cyril Ramaphosa the steps SA has taken to repair its institutions and improve its finances suddenly become very shaky.

 

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