Gordhan says SA not on the path to austerity

Minister says country not following steps taken by some European countries.
Finance Minister Pravin Gordhan

JOHANNESBURG – South Africa’s recent budget was not aimed at implementing austerity measures and would not go the same path taken by some countries in Europe, the finance minister said on Thursday.

“We are nowhere near austerity. We haven’t cut pension, haven’t cut any jobs. Austerity as applied in parts of Europe is not what we are trying to do here,” Finance Minister Pravin Gordhan said at a business conference.

 

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With the massive disparity between rich and poor and an unemployment rate in excess of 40% (don’t believe the official figures), the majority of the population is already experiencing enforced austerity. And about jobs being cut, it’s high time the public service was cut in half, but that would add to the ranks of the unemployed, so it’s a catch 22 situation.

I guess the purpose then was gain enough confidence so as to adjust the exchange rate so those with sticky fingers and those on the gravy train can export the loot they have accumulated at more favourable rates, from all the scams and corruption deals they did that we South Africans tax payers have sponsored.

Oh yes – We have a good story to tell. 🙂

Make the big 4 banks start exchanging iraqi dinar once the new rate is released this month. The poor can exchange and poverty will be eradicated. Remove all foreign exchange control restrictions.

Well gordy we should be on the austerity path.

Start with guvmunt.

End of comments.

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