Microcredit at the Crossroads

Noble Peace Prize laureate Muhammad Yunus, the grandfather of microcredit, has had his appeal, over his controversial sacking from the Grameen Bank, dismissed by Bangladesh's Supreme Court on Tuesday.

The man who pioneered microcredit in Third World countries with tiny loans to poor Bangladeshi villagers says the industry has lost its way. 

Forced to step down from the grassroots bank he founded nearly three decades ago, Muhammad Yunus says the industry has been corrupted by racketeers.

''Unfortunately, not everyone who uses the word 'microcredit' is dedicated to serving the needs of the poor,'' the Nobel Peace Laureate said after his dismissal.

These are just some of the headlines that have appeared in today's newspapers across Australia:

Court ruling ends microcredit pioneer's career

Microcredit has lost its way, says creator

RESULTS needs you to send a letter-to-the-editor of either newspaper (or your local newspaper) commenting on the situation.

You can send your letters to either letters@smh.com.au OR letters@theage.com.au 

You can also use our most recent Fact & Action Sheet - Maintaining Growth in Microfinance and Ensuring Benefits for the Poor - to call for a greater role for aid programs in the light of the controversy surrounding the commercialisation of microcredit.

WRITE TODAY!

Also watch out for another article in Saturday's newspapers: "Microcredit at the Crossroads"

To catch up on the situation as it as been happening read our other blog Microfinance Under Fire