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Quick Edit | Yunus’ forced exit

Quick Edit | Yunus’ forced exit
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First Published: Thu, Mar 03 2011. 10 39 PM IST
Updated: Thu, Mar 03 2011. 10 39 PM IST
Finally, the managing director of Grameen Bank, Muhammad Yunus, has been ousted from the institution he helped found. The sack order from the Bangladesh Bank, the country’s central bank, was couched in legalities, but could not hide what was otherwise a political fight. The exit marked the culmination of a feud between the banker and the Sheikh Hasina government. This is a counterproductive move as Bangladesh is an aid-dependent country and Yunus’ exit has not gone down well in the West, where many countries are aid donors to Dhaka. It also casts a poor light on South Asian political culture where subservience is expected from one and all. Alleged misconduct only serves as a foil for drastic action. Allegations that microfinance firms charge high interest rates need to be investigated, but that is very different from vindictive politics of the kind seen in the Yunus case.
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First Published: Thu, Mar 03 2011. 10 39 PM IST