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SA can take important lessons from Greek financial crisis

───   08:28 Sun, 05 Jul 2015

SA can take important lessons from Greek financial crisis | News Article

Pretoria - An economist says South Africa can take important lessons from the financial crisis in Greece.

The country's Prime Minister has vowed to go ahead with a referendum today on a deal to end the country's debt crisis, despite calls from its creditors to abandon it.
 
According to the International Monetary Fund - Athens needs 50 billion extra euros to stabilise the Greek economy.
 
Economist Dawie Roodt says while world financial markets are integrated, Greece is a relatively small economy within Europe making up less than two percent of the European economy.
 
Roodt says while South Africa's state debt level of about 30% is significantly lower than Greece's roughly 170%, the country needs to guard against getting into a debt trap.
 
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