Ideas to Action:

Independent research for global prosperity

CGD Policy Blogs


Yunus Resigns

Muhammad Yunus has resigned as Managing Director of the Grameen Bank.

Update: my thoughts are in the next post.

The resignation letter follows in English and Bangla:

May 12, 2011

Handing-over of the Charge of Managing Director

Bangladesh Government Showing Its True Colors?

From Shafiq Alam of Agence France-Presse:

In sign of growing tension, a Grameen Bank union leader said he was tortured late Friday by unidentified men after the union threatened to stage nationwide demonstrations over Yunus's sacking.

Sagir Rashid Chowdhury, 38, told AFP he was hauled into a minibus and taken near Dhaka University where he was beaten and threatened with pistols.

Reactions to the Verdict

  • One of Yunus's lawyers said Yunus is still the Managing Director.
  • The president of a group of fired Grameen Bank employees described Yunus as a "blood sucker and terrorist."
  • An advisor to the Grameen Bank Employees' Association threatened "tough agitation" if Yunus is not made Chair within 15 days.