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The Economic Times

Economy / The Economic Times

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How a banking scandal is taking down Trumps ally in Paraguay

Paraguay's Ueno Bank has collapsed, leaving customers locked out of their accounts and prompting nationwide protests. President Santiago Pea faces impeachment while being linked to the bank's swift downfall amid allegations of misconduct. The Central Bank had found serious issues with Uenos lending practices prior to its seizure, which caused it to be declared insolvent. Regulators found that the bank issued loans beyond legal limits without proper categorization.

6 Nov 2026 7:00 am