Today's Labour News

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SaftuFin24 reports that the SA Federation of Trade Unions (SAFTU) said on Sunday it was angered at the latest decisions by global ratings agencies.  

S&P Global Ratings on Friday downgraded SA’s long-term local currency, while it also lowered SA's long-term foreign currency debt.  Moody's Investors Service then announced that it has placed the country on review for downgrade.  On Thursday, Fitch affirmed SA's long-term foreign and local currency debt ratings at ‘BB+’ - commonly known as "junk" - with a stable outlook.  Saftu commented:  "It is outrageous that these unelected enforcers of the big multinational monopoly corporations can wield such power to force governments to bend to the will of the rich and powerful, and use downgrades to blackmail them into carrying out policies which will bring even more misery to the working class and the poor."  In its view, the agencies "exist to protect and advance the capitalist system and the profits and privileges of the ruling class".  For Saftu, the immediate consequences of the latest downgrade would likely be still more job losses.  The federation called on the government "to replace neoliberal strategies in the interests of business and follow what the Freedom Charter dictates".

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