What South Africa's Downgrade Means for the Economy

The transcript discusses the current state of the bond market in South Africa, highlighting concerns about fiscal degradation and the credibility of the Treasury and other state institutions. It examines the impact of rising borrowing costs and the potential consequences of a downgrade by credit rating agencies. The discussion also covers scenario planning for investors and the political implications of these economic challenges, including the possibility of a split within the ANC and its effects on the country's democracy.

What factors contribute to the current borrowing costs in South Africa?

Discuss the implications of potential political turmoil within the ANC for South Africa's democracy.