Up to now, South Africa’s parliament could only vote yes or no to a budget prepared by Treasury. They had no say over the nitty gritty. This time round, that has changed. It’s all in their hands. Which way will they decide: cut the expenditure cloak to fit the cloth of diminished income, or borrow more and incur a heavier debt burden? For more about JP, and to read his newsletter, please visit his website.

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