South Africa’s Subprime Crisis

African Bank recently received a $1.6B bailout from the South African Reserve Bank (SARB)

When America’s housing bubble burst and the subprime loan market tanked in 2007, banks around the world found themselves exposed to subprime debt through an array of complex and opaque financial arrangements. But here in South Africa, financial institutions and government regulators puffed out their chests in pride.

Read more: South Africa’s Subprime Crisis – NYTimes.com.

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