Paraguay’s bank collapse brought down a president – and exposed as myth the nation’s status as a ‘Dubai of South America’

By: Joel E. Correia, Colorado State University, The Conversation

Outlets: The Conversation

Published: November 9, 2026

Words: 1,587

Last Updated: 3 hours, 20 minutes ago

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By Joel E. Correia, Colorado State University

It started on Nov. 3, 2026, when millions of Paraguayans trying to access the Ueno banking app found they could no longer get their money. In a matter of days, the financial situation escalated into political crisis, in which the country’s president was ousted, placed under house arrest and charged with several corruption-related crimes.

The political and financial crisis exposes a central contradiction in Paraguay’s

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