waving to the box fiscal rules that would allow them to spend more to tackle the emergency economic affairs commission appollo gently loyally says the flexibility clauses in the stability and growth pact could supply or apply in exceptional circumstances italy is facing a heavy debt load and is struggling to contain the virus under the pact new date is limited to 3 percent of g.d.p. loney says it's too early to judge the effects of the virus. the shadow of the coronavirus also looming over africa governments are having to take a good look at their finances especially in one of the poorer regions of the world south africa is already facing a financial crunch the finance minister announcing measures today to rein in public spending. south africa has major headaches to deal with its cash strapped national carrier south african airways and its beleaguered power company eskom in the budget the finance minister set aside 1000000000 euros to help south african airlines repay its debts over the next 3 years meanwhile utility eskom will receive 6800000000 euros to allow it to meet its short term financial obligations