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The banker and the beggars
12/3/11 20:57![[identity profile]](https://www.dreamwidth.org/img/silk/identity/openid.png){kind=small}
nairiporter.livejournal.comMuhammad Yunus, the chairman of the famous Grameen bank in Bangladesh and guru of micro crediting has been fired. His firing is emblematic in that it raises a more fundamental question about the legitimacy of the practice of micro crediting overall.
He is an interesting person - for some he is a well-doer who helps the poor, for others his micro crediting system only increases inequality in the world. He has been known as "the banker of the poor", and in 2006 he was awarded a Nobel Peace Prize.
For a long time Yunus, who is an economist, used to be CEO of the Grameen bank, which is specialised with giving micro credits. But last week the 70 year old banker was fired with the excuse that his re-election in 2000 had not been coordinated with the Central Bank of Bangladesh, and besides he has passed the age of 60 years. The decision belongs to the Central Bank which can influence the dealings of Grameen because it owns 25% of its shares. A few days later the Supreme Court rejected his appeal as groundless. The decision has angered a lot of people working in the bank and they are planning to consult with lawyers and not give up so easily.
Some regard Yunus a national hero, and they are concerned that his firing would undermine the image of the country. Even the US ambassador in Dhaka recommended that the government should approach Yunus with the due respect and said that he was "deeply concerned" with his firing.
( Bigger implications worldwide )
He is an interesting person - for some he is a well-doer who helps the poor, for others his micro crediting system only increases inequality in the world. He has been known as "the banker of the poor", and in 2006 he was awarded a Nobel Peace Prize.
For a long time Yunus, who is an economist, used to be CEO of the Grameen bank, which is specialised with giving micro credits. But last week the 70 year old banker was fired with the excuse that his re-election in 2000 had not been coordinated with the Central Bank of Bangladesh, and besides he has passed the age of 60 years. The decision belongs to the Central Bank which can influence the dealings of Grameen because it owns 25% of its shares. A few days later the Supreme Court rejected his appeal as groundless. The decision has angered a lot of people working in the bank and they are planning to consult with lawyers and not give up so easily.
Some regard Yunus a national hero, and they are concerned that his firing would undermine the image of the country. Even the US ambassador in Dhaka recommended that the government should approach Yunus with the due respect and said that he was "deeply concerned" with his firing.
( Bigger implications worldwide )
