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South-Africa risky investment

Junk status for South Africa after firing of 9 members of the cabinet

Two large credit rating agencies (S&P and Moody's) have lowered South Africa's status to 'junk status'. This now marks the country as a risky investment. This measure was taken after president Zuma sent part of his cabinet home last week. Among others, the respected minister of Finance, Pravin Gordhan, was replaced. Gordhan was known as a strict book keeper and was praised for his stable economic policy.

"He was seen as a final buffer against president Zuma's ambitions to rob the state treasury for his business friends," says NOS correspondent Bram Vermeulen in the NOS Radio 1 Journaal. The stock price and exchange rate of the rand plummeted last week.

Source: NOS