The Bad – And Good – News On Microcredit – CSMonitor.com
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In Could, the federal government of Bangladesh pressured Mr. Yunus out of his position with the Grameen Financial institution, saying he had mismanaged the financial institution. But even before his ouster, Yunus was calling for reforms in microlending, together with capping interest rates. “Commercialization has been a horrible improper flip for microfinance, and it indicates a worrying ‘mission drift’ within the motivation of those lending to the poor,” he stated in a brand new York Times opinion piece in January. “Poverty needs to be eradicated, not seen as a cash-making opportunity.”
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