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Kenya clashes and Bolivia’s failed coup show perils of economic hardship

Kenya clashes and Bolivia’s failed coup show perils of economic hardship

DEADLY Kenyan protests that scuppered tax hikes and a failed coup amid fading economic prospects in Bolivia this week are violent reminders of the dangers posed by faltering economies and punishing austerity measures. Bolivia's President and former economy minister Luis Arce fended off the putsch on Wednesday, but faces ongoing U.S. dollar shortages and soaring borrowing costs that pushed the country's credit rating to "junk." Kenya's President William Ruto, who reversed support for a tax-hike measure, now must find another path to make his nation's debt pile of some $80 billion more manageable. Around the world, low-income nations were sucked into economic crisis - and in…
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‘My heart is breaking’: Russians fear economic nightmare about to unfold

‘My heart is breaking’: Russians fear economic nightmare about to unfold

IN bright sunshine, a long queue of shoppers snaked outside an IKEA store near Moscow this week. Similar scenes were repeated across Russia as families rushed to spend their fast-depreciating roubles at the Swedish retailer which is exiting the crisis-hit country. Russians are bracing for an uncertain future of spiralling inflation, economic hardship and an even sharper squeeze on imported goods. The rouble has lost a third of its value this week after unprecedented Western sanctions were imposed to punish Russia for invading Ukraine. The moves froze much of the central bank's $640 billion in reserves and barred several banks…
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South African rand sinks to 3-month low, bonds drop on violent protests

South African rand sinks to 3-month low, bonds drop on violent protests

OLIVIA KUMWENDA-MTAMBO and NQOBILE DLUDLA SOUTH Africa's rand dropped to a three-month low on Tuesday and local and hard currency bonds suffered as violent protests over economic hardship and inequality rippled across the country. Crowds clashed with police and ransacked or set ablaze shopping malls, with dozens of people reported killed as grievances unleashed by the jailing of ex-president Jacob Zuma boiled over into the worst violence in years. The protests rattled financial markets in the continent's most industrialised economy, with the rand dropping as much as 1.8% to 14.67 against the dollar, its lowest level since mid-April. The currency…
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