A debt swap for cash-strapped state power company Eskom would spiral the country into more debt, South Africa’s President Cyril Ramaphosa said on Thursday, adding there was a need to look at other options to shore up the company’s balance sheet. Eskom, which has had to implement power cuts due to coal shortages and poor plant performance, said last week it wants the government to take on R100-billion of its debts, about a quarter of its total borrowings of R420-billion.
