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Daniel Ortega of Nicaragua is one of several political leaders who oppose microcredit

Friday, January 7, 2011

Microcredit was once extolled by world leaders like Bill Clinton and Tony Blair as a powerful tool that could help eliminate poverty, through loans as small as $50 to cowherds, basket weavers and other poor people for starting or expanding businesses.

But now microloans have sparked political hostility in Bangladesh, India, Nicaragua and other developing countries.

Nicaragua’s president, Daniel Ortega, for example, supported “movimiento no pago,” or the no-pay movement, which was started in 2008 by farmers after some borrowers could not pay their debts.

Original source: New York Times