bankrupt | SA Radio .com

Ramaphosa on begging mission in London in an attempt to save penniless SA from economic ruin

Posted on 14/10/2019 Leave a comment

ANC President Cyril Ramaphosa is on a begging mission to London in an effort to prevent the bankrupt South Africa’s economic downfall.

The visit is a result of the recent appointment only the Presidential Economic Advisory Council, which is apparently composed of experts and recommended that the ANC go begging abroad.

With municipalities that are technically bankrupt due to their debt burden to Eskom, and the power provider’s operating loss of R21 billion, as well as a debt burden of R430 billion, investors are unlikely to risk investing in South Africa.

With Moody’s as the only rating agency that has not yet downgraded to junk status, Ramaphosa’s mission is once again doomed to failure.

His promise of two years ago for investors to invest billions in South Africa was a gimmick that led to nothing, and his new mission will be full of promises, but nothing will happen, he said.

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SA’s fiscal position – Great possibility that economy will be downgraded to junk status

Posted on 16/09/2019 Leave a comment

Tito Mboweni is expected to paint a gloomy picture of the country’s fiscal position later this month.

The agency Moody’s has had a fairly stable rating so far, but economists warn that the view may change to negative.

Moody’s has already made “negative” comments at its quarterly conference last week. The chance that SA will be finally downgraded to junk status is a possibility, and this is due to the poor growth and continuous cash injection into the country’s bankrupt state intimacies such as Evkom, SAA, Denel and SABC.

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Thank you SA for voting ANC – SA is broke thanks to the thieving done by ANC cadres in government

Posted on 05/09/2019 Leave a comment

It’s official: the South African state is bankrupt. President Cyril Ramaphosa confirmed it three weeks ago when he responded to questions in parliament.

Ramaphosa’s exact words were: “Our resources are now depleted.”

In simple terms, this means the government has run out of money.

In a normal country, such a statement by the head of state would have, at best, made national headlines. That it went unnoticed reveals a great deal about our journalists’ obsession with the fluff that constitutes the vacuity of our daily politics.

If you want to understand what it means for a state to run out of money, look at South African Express. It has grounded its planes. Last week, it told MPs it is struggling to pay salaries.

SA Express is not unique. Employees at Denel are not sure for how long their salaries will be paid. Eskom pays salaries from debt. It needs about R70bn for operations and debts. But its revenue i
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Mboweni’s truths: We are bankrupt and people will lose their jobs – If you ever doubted that South Africa’s economy was in deep, deep trouble, doubt no more

Posted on 09/08/2019 Leave a comment

There is a line in Finance Minister Tito Mboweni’s brutally honest 2019 Budget Speech that I can’t get out of my head.

“We are borrowing R1.2bn a day.”

Read that again. Let it sink in. If you ever doubted that South Africa’s economy was in deep, deep trouble, doubt no more.

Some perspective: R1.2bn is the value of Bosasa’s biggest two tenders, combined, that we borrow per day. Or: with R1.2bn, you can build about 8 000 low-cost houses. And that is what we borrow per day.

We are borrowing just to keep the lights on, to service our debt and to keep the state ticking.

Any Grade 10 learner with a basic grasp of mathematics will tell you that we are doomed to fail if we keep on spending more than what we earn. It’s literally that simple.

Mboweni had the tough job of breaking this news to South Africans. He didn’t mince his words and his ANC colleagues sat stone-faced as he punted se
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Edcon group, which owns Edgars, may be bankrupt

Posted on 17/12/2018 Leave a comment

The Edcon group, which owns Edgars, has denied reports that the entity faces liquidation. A statement says that the group is experiencing financial difficulties, but is negotiating between shareholders, suppliers and landlords in an effort to save the company.

The same statement states that there will be no job losses, but there will be fewer shops.

Observers say, however, that there is something in the statement somewhere, but there is a possibility that workers will have a choice to be accommodated elsewhere and in other posts.

This report does not necessarily reflects the opinion of SA-news.
Read the original article in Afrikaans on Die Vryburger

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