Nicaragua’s microfinance renegades agree to pay government $25 million
Members of the “No Pago” (“We Won’t Pay”) Movement, in which thousands of Nicaraguan borrowers refused to pay back outstanding loans beginning in 2009, have proposed a deal with the government.
Members of the movement would immediately repay debts to microfinance institutions worth $25 million and the debtors would pay the government back over ten years.
Many microfinance institutions have witnessed improvements in portfolio quality and sustained customer demand since the turmoil began in 2009.
Original source: MicroCapital.org