Ismet

🚨 ONE BANK FAILURE HAS NOW TURNED INTO A NATIONAL CRISIS IN PARAGUAY. 24 hours ago, the central bank shut down ueno bank, a bank used by 60% of the country's adults. Now the damage is spreading. • 13 mutual funds run by 5 different firms have frozen withdrawals because their money was invested in ueno • Trading in all of ueno's bonds has been suspended • $380M from the state pension fund is stuck, along with money from the state power company and the Itaipú dam • 2 out of every 3 card payments at big stores ran through ueno, and Paraguay's main importers' association says retail is now "semi paralyzed" Customers can only get back up to $1,700 for now, with no date given. The political fallout is just as big. The central bank chief, who used to run ueno, has resigned. President Peña cancelled a foreign trip to deal with the crisis, and authorities have ordered the arrest of 8 bank executives. The anger has now reached the streets and Widespread protests are happening now. The central bank says this is a one-off. But in October, Paraguay's 14 private banks had already asked it to report on the solvency of other lenders.