"Over that it is a debt trap."
After the US Standard & Poor's downgrade - described by Congressional Democrats as "the Tea Party downgrade" after the right-wing Republican group which blames the US debt problem on overspending rather than too low tax revenues - US markets opened for trading yesterday with the Dow down more than 200 points.
The rand broke below R7/US$ as US markets opened, and Garrow expected the rand to weaken in the short term.
Marcus and Gordhan noted that SA had "deep and liquid financial markets which continue to function even during the difficult time of global financial turmoil". All rating agencies rated SA at an investment …
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