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MONDAY, NOVEMBER 23, 2009
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South Africa in Crisis as Cabinet Walks Out With Mbeki

After Mbeki's ouster, 10 resignations could trouble economy

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(AP) – Most of South Africa's cabinet, including the powerful and respected finance minister, resigned today following the ouster of President Thabo Mbeki over the weekend. The walkout could be a devastating blow to the economic stability of Africa's most powerful nation, and to the new administration expected to take over on Thursday, reports the AP. The 10 departing ministers also include those responsible for mediating the Zimbabwe crisis and planning the 2010 World Cup.

Nine of the 10 who resigned belonged to the African National Congress—a measure of the backlash caused by Mbeki's surprise ouster by his own party. Yesterday Jacob Zuma, the leader of the ANC and the man expected to be elected president next spring, sought to allay fears in the business community and stock market, saying there would be no change in economic policy.

Finance Minister Trevor Manuel's resignation will likely upset the business community and could hurt the stock market.
Finance Minister Trevor Manuel's resignation will likely upset the business community and could hurt the stock market.   (AP Photo)
South African Deputy President Phumzile Mlambo-Ngcuka tendered her resignation Tuesday Sept 23, 2008 after President Thabo Mbeki was recalled by the governing African National Congress.
South African Deputy President Phumzile Mlambo-Ngcuka tendered her resignation Tuesday Sept 23, 2008 after President Thabo Mbeki was recalled by the governing African National Congress.   (AP Photo)
ANC President Jacob Zuma addresses a media conference in Johannesburg, South Africa, Monday Sept. 22, 2008.
ANC President Jacob Zuma addresses a media conference in Johannesburg, South Africa, Monday Sept. 22, 2008.   (AP Photo/Themba Hadebe)
In this photo supplied by the Governemnt Communication and Information Services, (GCIS) President Thabo Mbeki announces his resigantion on state television Sunday, Sept. 21, 2008. (AP Photo. (AP Photo/Elmond Jiyane-GCIS, HO)
In this photo supplied by the Governemnt Communication and Information Services, (GCIS) President Thabo Mbeki announces his resigantion on state television Sunday, Sept. 21, 2008. (AP Photo. (AP Photo/Elmond...   (AP Photo)
In this Sept. 14, 2008 file photo, South African President Thabo Mbeki speaks at a press briefing in Pretoria, South Africa. South Africa's ruling party on Saturday, Sept. 20, 2008, called on President Mbeki to resign as head of state.
In this Sept. 14, 2008 file photo, South African President Thabo Mbeki speaks at a press briefing in Pretoria, South Africa. South Africa's ruling party on Saturday, Sept. 20, 2008, called on President...   (AP Photo/Denis Farrell, File)
In this July 19, 2008 file handout photo from Government Communication Information Service (GCIS) African National Congress (ANC) President Jacob Zuma, left, with South Africa's President Thabo Mbeki, right, arrive for Nelson Mandela's 90th birthday celebrations at Mandela's home in Qunu, South Africa. South Africa's ruling party has called on...
In this July 19, 2008 file handout photo from Government Communication Information Service (GCIS) African National Congress (ANC) President Jacob Zuma, left, with South Africa's President Thabo Mbeki,...   (AP Photo/Elmond Jiyane, HO, GCIS, File)
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Full list of today's resignations
Mail & Guardian (South Africa)

Manuel hasn't ruled out a comeback
Business Day

South Africa's currency tumbles on news
Bloomberg


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