South Africa in Crisis as Cabinet Walks Out With Mbeki

After Mbeki's ouster, 10 resignations could trouble economy
By Newser Editors and Wire Services
Posted Sep 23, 2008 8:00 AM CDT
Finance Minister Trevor Manuel's resignation will likely upset the business community and could hurt the stock market.   (AP Photo)
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(Newser) – 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.