Paraguay's new president vows to recover pension funds at risk in Ueno Bank crisis

Detailed summary

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.

The president of Paraguay, Pedro Alliana, announced on Tuesday that the recovery of pension funds deposited in Ueno Bank will be a priority for his government. The intervention in the financial institution has put at risk around 800 million dollars (about 716 million euros) belonging to public bodies, including resources from five retirement funds, and has triggered a political crisis that ended with the removal of Santiago Peña from office.Among the institutions affected is the Social Security Institute (IPS), which is responsible for managing pensions and part of the country's health services.

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