Now, new evidence suggests that even microcredit was not protected from the greed that characterises modern international finance.
Two recent studies show that microfinance was simply another profit making scheme for global private finance corporations, such as the Deutsche Bank, Citigroup, and Standard Chartered, who started pouring money into microcredit initiatives.
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.Read it at IPS | Inter Press Service
Banksters Hijack Microfinance
Analysis by Julio Godoy
Money attracts the greedy like flies on dung.