Wednesday, March 02, 2011

Take your micro-credit hero and go

"Nobel laureate Muhammad Yunus has been forced from his position as head of the microfinance lender he founded, Grameen Bank, a central bank official said Wednesday.  Yunus' firing caps a string of problems the outspoken activist has been facing, including a defamation suit by a local politician and allegations that he misappropriated Norweigian development funds. The microfinance industry that he created has also come under attack for placing onerous conditions on borrowers that led to suicides in neighboring India's Andhra Pradesh state last year."