Paraguay President Peña resigns under mounting pressure from bank collapse
Opposition lawmakers moved to impeach him as protests spread and regulators said the bank’s capital fell below half the legal minimum.
- On Thursday, Paraguayan President Santiago Peña resigned in a video address, stating he acted "with the stability of our country, social peace and the need to preserve our democratic institutions in mind."
- The crisis erupted after Paraguay's central bank seized Ueno on Tuesday, discovering solvency ratios below 50% and risky insider lending tied to the bank's owners, while lawmakers accused Peña of conflicts of interest.
- Ueno held nearly $800 million in public funds, including state pension and health money, affecting about three million customers locked out of accounts; authorities detained eight bank executives including founder Miguel Vázquez.
- Minutes after his announcement, Congress voted unanimously 78-0 to impeach Peña, sending charges to the Senate; Vice President Pedro Alliana is expected to serve until August 2028.
- Thousands of citizens protested for three days demanding their money and calling Peña "the enemy of savers," as the collapse of Ueno shatters Paraguay's reputation for financial stability.
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Paraguay has been plunged into a deep political crisis after the resignation of President Santiago Peña, amid the backlash over the collapse of Ueno Bank. The Central Bank's decision to place the bank under state control on Tuesday due to a serious capital shortage sparked widespread protests. Millions of depositors, including retirees and workers, were suddenly left without access to their savings. The case quickly took on political dimensions…
President Of South American Country Resigns After Major Digital Bank Collapses, Over 60% Of Nation’s Adults Were Customers – 100PercentFedUp.com – by Danielle
Paraguayan President Santiago Peña resigned on Thursday following the collapse of a major digital bank to which he reportedly had […]
Paraguay's President, Santiago Peña, announced his resignation on Thursday, following a banking scandal that degenerated into a political crisis.
Its announcement comes 48 hours after the outbreak of a banking crisis, which saw the Central Bank of Paraguay put Ueno Bank under supervision, which claims 2.94 million customers and whose deposits have been temporarily frozen.
Paraguay's president, Santiago Peña, resigned after the headquarters of the Ueno Bank's central bank, a digital credit institution with 2.94 million...
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