Some microfinance markets had become overheated in recent years, with sensational growth rates, deteriorating underwriting standards, and crumbling risk-return tradeoffs.

Certains marchés de microfinance ont connu un état de surchauffe ces dernières années, avec des taux de croissance exceptionnels, des normes d'octroi laxistes et un effritement du rapport risque/rendement.

Littlefield, Elizabeth,Kneiding, ChristophLittlefield, Elizabeth,Kneiding, Christoph

ttlefield, Elizabeth,Kneiding, Christoph

Littlefield, Elizabeth,Kneiding, Christop

© 2012 CGAP: Consultative Group to Assist the Poor

http://www.cgap.org 2/3/2012

ttlefield, Elizabeth,Kneiding, Christoph

Littlefield, Elizabeth,Kneiding, Christop

© 2012 CGAP: Consultative Group to Assist the Poor

http://www.cgap.org 2/3/2012

ON reading the newspapers on the following morning Pierre and Guillaume were greatly surprised at not finding in them the sensational accounts of Salvat's arrest which they had expected.

Le lendemain matin, en lisant les journaux, Guillaume et Pierre furent très surpris de voir que l’arrestation de Salvat n’y faisait pas le gros bruit qu’ils attendaient.

Zola, Emile / The Three Cities - ParisZola, Emile / Les Trois Villes - Paris

Les Trois Villes - Paris

Zola, Emile

The Three Cities - Paris

Zola, Emile