Markets in tailspin after cut to ‘junk’
By Hilary Joffe, Sunita Menon, Pericles Anetos and Hannah Ziady - 04 April 2017
[caption id="attachment_199507" align="alignright" width="300"] RESHUFFLE FALLOUT: President Jacob Zuma
Picture: REUTERS[/caption]
Rand loses almost 3% in half an hour of news
Last week’s shock cabinet reshuffle has tipped South Africa over the edge of the investment-grade cliff, with S&P Global Ratings downgrading the country’s foreign currency rating to “junk” status last night, sending markets into a tailspin.
