Page 124 - SARB: 100-Year Journey
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“The history of South Africa’s forced debt rescheduling is a very long story, starting long before 15 August 1985.
The speech made by President Botha (the Rubicon speech), broke the camel’s back. On 1 September 1985, two weeks after the release of the speech, we
had to declare a debt standstill. Then,
we had to start negotiations with international banks. I was tasked with the burden of leading these negotiations. It was difficult. It was a challenge, particularly to carry responsibility for the negotiations. It was hard work.”
Dr Chris Stals
Former Governor of the SARB
