PRAVIN GORDHAN: Sovereign debt Business Day
LAST week, Italy became the latest casualty in the sovereign debt crisis that has engulfed the euro zone for more than a year and resulted in bail-outs from the European Union (EU) and International Monetary Fund for Greece, Ireland, and Portugal. What had been affecting countries among the euro-zone periphery had spread to continental Europe’s third-largest economy.
This has cast a gloomy shadow on the rest of the globe.
What are the implications for SA?
Italy has the biggest sovereign debt market in the euro zone.
The €1,9-trillion outstanding sovereign debt is three times that of Greece, Ireland and Portugal combined. Default would be a disaster for the global economy. The prospect of sustained stress in Italian and other euro- zone bond markets will increase risk aversion and potentially stymie Europe’s already weak recovery, transmitting the effects to SA and other parts of the world.
The crisis in Europe is the result of an unhappy mix of high fiscal and financial debt burdens and weak growth, and has been worsened by market uncertainty around their interaction and policy indecision.
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