Parliament finds a way to give Eskom more money

If you hear a gigantic sucking sound; it’s Eskom sucking money out of the fiscus! … If Eskom breaks, South Africa breaks.

Bruce Whitfield, The Money Show

Some Eskom debt is short-term bonds, some are long-term bonds… totalling R450 billion…

Marriane Merten, Parliamentary Correspondent - Daily Maverick

I’m increasingly realising that this entire thing is, basically, running off egos and personalities… a technocratic agreement has been reached… but Government is struggling to commit on how unbundling is going to work, politically.

Peter Attard Montalto, Head of Capital Markets Research - Intellidex

Government is about to finalise the “Eskom Special Appropriation Bill”.

An explanatory memo will accompany the draft law.

The Bill is meant to provide funds to ensure Eskom’s ability to generate enough power to meet demand and to stay afloat financially.

Eskom – too big to fail - is threatening to tank the entire South African economy.

The Money Show’s Bruce Whitfield interviewed Marriane Merten (Parliamentary Correspondent at Daily Maverick) and Peter Attard Montalto (Head of Capital Markets Research at Intellidex).

Listen to the interviews in the audio below (and scroll down for more quotes from it).

This Bill will be complex… it will come with an explanatory paper…

Marriane Merten, Parliamentary Correspondent - Daily Maverick

The Finance DG said they’re reluctant to table a Bill without the whole package because Eskom is too large to be allowed to fail.

Marriane Merten, Parliamentary Correspondent - Daily Maverick

There isn’t political agreement at all about external unbundling…

Peter Attard Montalto, Head of Capital Markets Research - Intellidex

Ultimately, this is going to have to come from the debt market…

Peter Attard Montalto, Head of Capital Markets Research - Intellidex

If Eskom is too big to fail; then SAA needs to go into business rescue.

Peter Attard Montalto, Head of Capital Markets Research - Intellidex

This is the best possible global environment to be doing this…

Peter Attard Montalto, Head of Capital Markets Research - Intellidex

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This article first appeared on 702 : Parliament finds a way to give Eskom more money


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