Ueno Bank collapse in Paraguay triggers political earthquake for Santiago Peña

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A sudden blank screen took almost three million Ueno Bank customers by surprise in the early hours of Tuesday 3 November. At around 03:24, the app of the Paraguayan institution, a key player in the system which manages multimillion state funds and has grown at breakneck speed in its three years of existence, stopped displaying its users' accounts and showed a single message instead: "We cannot display the balance". At the same time, the Central Bank of Paraguay issued a tough statement on its social media channels: the institution was placed under intervention and its liquidation process was launched.