South Africa's stocks and currency reeled on the news that the architect of the country's economic success was resigning, but recovered somewhat after Finance Minister Trevor Manuel said he would serve in a new government.
A brief statement from the office of South African President Thabo Mbeki - who was forced to resign over the weekend amid an internal African National Congress power struggle - listed 13 ministers and three deputies who had tendered their resignations from the 28-member Cabinet, among them Manuel.
Tuesday's statement did not clarify that six of those who resigned, including Manuel, had already told the governing African National Congress (ANC) that they were willing to serve a new government, expected to be in place by the end of the week.
That important context came within an hour, from Manuel's spokeswoman, Thoraya Pandy.
She said that Manuel and his respected deputy, Jabulani Moleketi, "want to make it clear that they are ready to serve the new administration in any capacity that the incoming president deems fit."
Moleketi is in charge of finances for the 2010 Soccer World Cup in South Africa.
"They are and will continue to do the work they are doing," ANC Secretary-General Gwede Mantashe told a hastily called news conference.
The Communist Party, of which Mantashe is also chairman, charged that "today's dramatic announcement by the presidency was a reckless attempt to provoke a sense of crisis locally and internationally and to attach the blame for this crisis" to the ANC's top decision-making body, which had forced Mbeki out.
The Communists and the Congress of South African Trade Unions are longtime key allies of the ANC and they had helped lead the charge against Mbeki.
Mbeki was forced to quit after a judge threw out a corruption case against his main rival within the ANC, Jacob Zuma. Zuma's path to the presidency seems clear, but he must wait until elections next year.
The Johannesburg Stock Exchange's all-share index dropped 4.5 percent after the announcement of Manuel's departure on Tuesday. Stocks recovered somewhat but still were down 3.75 percent at the end of trading.
The rand, which dropped more than 0.20 rand to 8.20 against the dollar, was at 8.18 rand at the end of the day.
Mbeki's resignation becomes effective today, when the ANC says its legislators will vote for the party's deputy president, the moderate and conciliatory Kgalema Motlanthe, to become interim president.
Motlanthe would be the caretaker until elections that must be held in April and that are sure to be won by the ANC, propelling ANC leader Zuma to the national presidency.
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