Come on, we can’t let the IMF send us to the naughty corner

Business

Come on, we can’t let the IMF send us to the naughty corner

Let’s pull together before outside forces have to rescue us. The submission, the shame. I couldn’t bear it

Mark Barnes

Let’s not go to the International Monetary Fund (IMF). That would be like business rescue for SA. Unlike bankruptcy, business rescue is for companies that are distressed but thought capable of rehabilitation under supervision, with rules. The IMF conditions are harsh, essentially removing sovereignty. We’d be back on pocket money!

It’s better than going insolvent, and creditors may well get more than they would have under forced sale conditions, but the shareholders seldom, if ever, get anything. In SA Inc. we, the people, are the “shareholders”. 

It would be horrible. Not just having to do the bidding of a some spreadsheet driven, punishingly expensive capital strategy, but the defeat, the submission, the shame. I couldn’t bear it...

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