SOUTH AFRICA: Finance minister quits and others follow suit in wake of Thabo Mbeki's resignation; biggest political crisis since apartheid

Record ID: 453860

  • Title: SOUTH AFRICA: Finance minister quits and others follow suit in wake of Thabo Mbeki's resignation; biggest political crisis since apartheid
  • Date: 24th September 2008
  • Summary: EXTERIOR OF JOHANNESBURG STOCK EXCHANGE (SOUNDBITE) (English) ECONOMIST, MIKE SCHUSSLER, SAYING: "It's certainly it's aiming to be a crisis, because one thing that we've got at the moment, is we've got no clear leadership and we've got no appointee for, who's got to replace Trevor Manuel (Finance Minister). We must remember that the deputy minister of finance has also resigned and the minister of Public Enterprises has resigned, so this moment in time, it's not a very good situation and we need the ANC to lead and to appoint ministers very very quickly. "We have seen the Rand fall 20cents against the U.S. dollar, 30 cents against the Euro, and 40 cents against the Pounds Sterling, and the interests rates have really rocketed up, so we are at this moment in time very very jittery financial markets on top of the highest inflation we had since 1992, this is not certainly not a good sign." (SOUNDBITE) (English) JOHANNESBURG RESIDENT, LINDIWE, SAYING: "As from what we heard Trevor Manuel said he's not going to resign and well I am sure you all know that he is the most loved minister and now he's resigned, and I am thinking there must be a plan behind the whole thing. "I mean there must be something that must have pushed him out, and for the ten, which we don't know why, it's sad as well, because we are under the impression that they are serving South Africa, not Thabo Mbeki. We would have hoped they would stay, I mean we are not happy that Thabo Mbeki was axed or anything like that, but we would have hoped they would stay at least." (SOUNDBITE) (English) JOHANNESBURG, RESIDENT, GARETH, SAYING: "I think Trevor Manuel is a good guy to have in government"/ JOURNALIST ASKING: HOW DO YOU THINK THIS IS GOING TO AFFECT US/ "I don't know we are South African's we always bounce back" SCREENS AT JOHANNESBURG STOCK EXCHANGE
  • Embargoed: 9th October 2008 13:00
  • Keywords:
  • Location: South Africa
  • Country: South Africa
  • Topics: Domestic Politics
  • Reuters ID: LVA6A9HLQUSI41499S51CTPNUZMH
  • Story Text: More than a third of South Africa's cabinet stepped down on Tuesday (September 23) after President Thabo Mbeki resigned, deepening the biggest political crisis since the end of apartheid.
    The list of eleven resignations included respected Finance Minister Trevor Manuel and his deputy, immediately shaking markets, but they recovered when his office said he was ready to serve under a new president.
    ANC Secretary-General Gwede Mantashe responded quickly with a news conference. He told reporters there was no crisis, and the ANC was ready to fill the space by six of the ministers who say they're not prepared to continue.
    The demise of Mbeki was the climax of a long and bitter battle with Jacob Zuma -- who toppled him as ANC leader in December -- which has seriously split the formerly monolithic party.
    Economist Mike Schussler said South Africa needed strong leadership now. The rand had fallen against the dollar, the euro and the British pound.
    Interest rates were rocketing and the country was suffering its highest inflation since 1992.
    Parliament is expected to appoint deputy ANC leader Kgalema Motlanthe as interim president on Thursday until a general election next year which Zuma is widely expected to win.
    Mbeki's resignation followed accusations of meddling in a long running graft case against his rival.
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