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From VOA Learning English, |
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this is the Economics Report. |
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This week, Bangladesh's Parliament passed a law |
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that brings the Grameen Bank |
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under control of the country's Central Bank. |
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Women directors of the Grameen Bank in Bangladesh |
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had promised to protest government moves |
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to control the bank. |
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Grameen means rural or village in the Bengali language. |
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Grameen Bank's headquarters is in the capital, dhaka. |
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9 of the bank's 12 voting directors |
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are currently village women. |
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They recently condemned the new law. |
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The Grameen Bank bill of 2013 will give Bangladesh's |
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Central Bank the power to appoint 3 bank directors. |
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Prime Minister Sheikh Hasina |
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sent the bill to Parliament last week. |
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The current directors question the government's right |
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to seize control of the bank. |
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They warn that this would destroy the success operation of |
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a bank owned mostly by low-income women. |
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They also called for future protests. |
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Grameen was the first bank to make small loans |
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to low-income people. |
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Bangladesh economist Muhammad Yunus started the bank in 1976. |
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Micro-lending quickly spread around the world. |
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Such loan programs are now available in almost every country. |
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Studies from many countries |
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show the small loans have a powerful effect. |
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Yet critics say it is not clear |
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that such loans help families out of poverty. |
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Some borrowers spend loan money to buy new things, |
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instead of creating or expanding a business. |
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In 2006, the Grameen Bank and Mr Yunus |
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jointly won the Nobel Peace Prize. |
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A documentary shown in Norway in 2010 |
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raised questions about bank practices. |
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After the documentary, the Nobel Prize Committee |
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expressed support for the bank and for Yunus. |
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But the Bangladesh government began efforts to oust him. |
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In 2011, a court in Bangladesh forced him from his position |
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for violating a Retirement Age Law. |
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In September of this year, |
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the government accused him of not paying tax. |
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Mr Yunus denied the accusation. |
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Critics of the government say |
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the campaign against the Grameen Bank and Mr Yunus began in 2007, |
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when he suggested he might run for office |
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to answer problems with corruption in Bangladesh. |
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In recent speeches, Mr Yunus has said, |
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he wants tocreate what he calls social businesses. |
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He says social businesses would earn profits, |
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but the profits would not go to owners. |
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He say they would be used to help people and the environment. |
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And that's the Economics Report from VOA Learning English, |
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I'm Mario Ritter. |