PARAGUAY - Maria Martinez rises at 3am daily to sell fruit, chemicals and other goods at Asuncion's sprawling Mercado 4, a 20-hectare...

market known as "the heart of Paraguay." Since Ueno Bank's November 3 collapse, sales have hit rock bottom. "People don't come because there's no money. It's all gone," the 50-year-old said, her voice trembling. The bank's failure "hit humble people like us very hard."
Ueno began as a small fintech company before growing into one of Paraguay's largest banks, handling state pensions and government accounts. Its seizure amid insolvency concerns has thrown the usually stable nation into turmoil, locking tens of thousands out of their accounts. Thousands of furious depositors took to the streets, leading to the impeachment and arrest of president Santiago Pena, accused of using his position to illicitly benefit the bank. On Wednesday, the central bank said it had partially returned savings to affected depositors, but relief has yet to reach Mercado 4. Under one sweltering afternoon, nearly 3,000 vendors stood ready for customers—but barely anyone came. "There used to be a lot of people here. This is the heart of Paraguay, and now look: nothing," said Leongino Johnes, who has resold market goods at an Argentine border crossing since 1992. He fears worsening conditions as year-end approaches. "People are getting desperate."
The market's habits have shifted too. Some 70 percent of payments once came through Ueno transfers, and after the traumatic week many vendors would rather not sell than accept bank transfers. Ueno claimed over three million customers—almost half the population—attracting low-income clients with its digital-first model. Now torn banknotes are circulating more frequently. Official reassurances about reimbursements haven't landed well. "I figure those who got their refunds had to pay off the bills they were behind on," said vendor Rita Gomez. Ueno's takeover prompted a nationwide pullback in spending, with imported-goods stores reporting drops up to 70 percent and supermarkets seeing initial declines of eight to ten percent. "Uncertainty pushes people to avoid expenses that aren't strictly necessary," analyst Amilcar Ferreira said. Martinez vows to keep rising at dawn, even if "nothing is resolved." (Bssnews)