The authorities of the Central Bank of Paraguay ordered the intervention of Ueno Bank, one of the largest financial entities in the country, after detecting that its solvency had fallen far below the minimum required by law.
Consumption stopped dead because money became inaccessible. And so, without warning, a dizzying week began in Paraguay.
What followed were demonstrations, clashes with the police and the resignation of the president of the Paraguayan Central Bank. Then, in a matter of hours, also the political collapse of Santiago Peña, the president of the republic, noted for his links with Ueno Bank.
This bank had nearly three million clients and managed hundreds of millions of dollars in public deposits, including funds intended for retirement.
The scandal put Paraguay's political and financial system on the ropes.
Questions and suspicions about Ueno Bank's connections with power remain. In this video we review the history of the banking entity and why its collapse led to the trial of President Santiago Peña.
