Grim budget in SA, Nigeria’s FX buzz and debt woes

South Africa’s emergency budget highlighted that the government plans to turn to harsh austerity to try to deal with the legacy of higher debt, but this is unlikely to be politically sustainable in the long run. Nigeria’s debt problems are of a different kind – and both public and private debts are a growing concern. Meanwhile, the unification of the main exchange rates seems to be all talk but no action at this stage.