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Tuesday, October 20, 1998 Published at 00:02 GMT 01:02 UK


World: Americas

Paraguayan bank shut down


Paraguay's Central Bank has ordered the liquidation of one of the country's banks - the lastest development in a three-year crisis which has led to the closure or takeover of a number of financial institutions.

A correspondent for the BBC in Paraguay says the problems stem mainly from a severe lack of liquidity, but bad management and corruption have also contributed to the crisis.

The government has sent emergency legislation to Congress to try to guarantee bank deposits and prevent a run on savings.

But the proposed measure has been held up amid an ongoing political struggle between some deputies and the President, Raul Cubas.

From the newsroom of the BBC World Service



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