ASUNCION, PARAGUAY – For years, Paraguay’s digital bank, Ueno, stood out as a homegrown success story, luring roughly half the country’s people to open accounts and offering many the opportunity to hold a bank account for the very first time.
But over just five days last week, the bank collapsed, freezing the savings of nearly 3 million customers — in a country of 6.5 million people — and triggering the country’s deepest political crisis in more than a decade.
On Friday evening, Paraguayan President Santiago Pena was impeached after attempting to resign, and his vice president, Pedro Alliana, was sworn in as his replacement.
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