South Africa gets its third finance minister in four days. Nobody seems to find it funny
Nhlanhla Nene may have started his public life by falling from a chair during a television interview. But when South Africa’s respected finance chief was sacked for no apparent reason last Wednesday, people wanted someone else to come down with him. Gathered under the #ZumaMustFall banner, thousands of protesters decided they'd had enough of their president’s disdain and incompetence.
They were not alone. The markets also expressed surprise and disappointment at Nene's removal, lifting South Africa’s borrowing costs to 10.38 percent last Friday – the highest level since the Financial Crisis – and pushing its currency to record lows. About R169 billion ($11 billion) were wiped off equities listed on the Johannesburg Stock Exchange in two days.
So Sunday evening Jacob Zuma made a complete U-Turn.Read More