IPS - Banksters Hijack Microfinance | Inter Press Service - 0 views
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Now, new evidence suggests that even microcredit was not protected from the greed that characterises modern international finance.
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In his book, ‘Confessions of a Microfinance Heretic’, released Jul. 9, former investment banker Hugh Sinclair claims that such banks and funds use microcredit, through local operators, to charge usurious interest rates – of up to 200 percent – on even the smallest loans.
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Similar criticism constitutes the backbone of yet another study, focused on the European Investment Bank (EIB)’s approach to microfinance in developing countries.
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