Ueno Bank collapse in Paraguay sparks political crisis for President Peña

Ueno Bank's sudden collapse has left millions of customers without access to their funds, triggering a political crisis in Paraguay. The Central Bank announced the bank's liquidation after its solvency ratio fell below 50%. Protests erupted as customers sought to retrieve their savings, fearing a financial disaster similar to Argentina's corralito. President Santiago Peña faces impeachment proceedings amid accusations of negligence and embezzlement. The fallout has impacted the economy, with major retailers reporting a significant drop in sales. Ueno Bank, known for its rapid growth and sponsorships, failed to meet reserve requirements, leading to its downfall.