August 27, 2014

South Africa's Subprime Crisis

T.O. Molefe, New York Times

The Associated Press

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.

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TAGGED: Africa, South Africa

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