Paraguay's president just resigned after one of the country's biggest banks collapsed.
And here's something you might not expect…
I personally have money tied up in that bank.
It's been one hell of a week in Paraguay, and while I’ve been in St. Kitts for our Family Legacy Mastermind, my inbox has been filling up with questions about what's happening and whether this changes my assessment of the country.
So here's where things stand.
On November 3, Paraguay's Central Bank announced that it was placing Ueno Bank into resolution after discovering serious problems with its financial position.
Now, it's important to understand that Ueno wasn't some established Paraguayan bank that had been around for 150 years.
It was a relatively new fintech bank that had grown aggressively in a very short period of time.
Fancy apps, premium credit cards, the works.
A flashy startup with all the bells and whistles, but apparently some serious problems behind the scenes, including concerns about its lending practices and financial management.
Turns out, none of that guarantees a financially sound bank.
The collapse triggered protests, criminal investigations and scrutiny of the substantial public funds held at Ueno, as well as President Santiago Peña's past business connections to the group behind it.