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Paraguay Ueno Bank Crisis
Authorities in Paraguay liquidated digital bank Ueno after it became insolvent, triggering a political crisis that threatens to lead to the impeachment of President Santiago Peña and his vice president amid allegations of conflicts of interest and mismanagement stemming from their past ties to the bank’s owners. Police arrested the eight officials wanted in the case, while the investigation widened to include 27 people. A court froze assets worth nearly $373 million. Around 3 million customers—60% of the adult population—were affected. The bank had managed about $850 million in state funds, including $380 million belonging to the pension and social security fund. The president pledged to fast-track legislation to compensate those affected through the deposit guarantee fund, which covers 97% of depositors up to a limit of $38,000 per person, and said preparations were under way to issue emergency payments.
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