Paraguay's new president vows to recover pension funds at risk in Ueno Bank crisis
Paraguay’s new president, Pedro Alliana, promises to recover pension funds affected by the intervention in Ueno Bank. The crisis, which led to the dismissal of Santiago Peña, has left up to 7,000 people unemployed in Paraguay and other countries.
Paraguay's newly appointed president, Pedro Alliana, has pledged to prioritize the recovery of pension funds deposited in Ueno Bank, which has put roughly 800 million dollars at risk. The intervention in the financial institution has triggered a political crisis that led to the removal of former President Santiago Peña. Around 95% of savers have already received compensation, with 1.74 million depositors receiving payments totaling 330 million dollars through the Deposit Guarantee Fund.
However, the payments do not guarantee full recovery of all savings, as the guarantee scheme covers up to approximately 38,600 dollars per depositor, while initial advances are limited to around 20,000 dollars. The crisis has affected the labor market, with up to 7,000 jobs lost in companies linked to the bank in several countries.
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