Paraguay President Peña resigns under mounting pressure from bank collapse
Prosecutors opened three criminal investigations as 27 bank officials and associates face breach-of-trust and fraud charges.
- On Thursday, President Santiago Peña announced his resignation amid a banking crisis, but the Chamber of Deputies voted 78-0 to impeach him, sending charges to the Senate instead of accepting his departure.
- The Central Bank of Paraguay seized Ueno Bank on Tuesday after regulators discovered the lender's solvency ratio fell below 50% due to risky, poorly documented lending to companies linked to Grupo Vázquez, its parent owner.
- Ueno Bank's collapse froze accounts for nearly 3 million customers and jeopardized roughly $800 million in public funds, triggering widespread protests across Asunción as citizens demanded access to their savings.
- Congress refused to accept the resignation, proceeding instead with impeachment to prevent President Peña from securing life-senator immunity, a constitutional status that would shield him from prosecution.
- Authorities have detained eight Ueno executives and charged 27 officials with alleged breach of trust and fraud, while Vice President Pedro Alliana is positioned to assume the presidency if the Senate removes Peña.
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846 Articles
The Bakersfield Californian
Unrest in Paraguay amid banking and political crises, in photos
ASUNCIÓN, Paraguay (AP) — Paraguayan President Santiago Peña offered his resignation after the collapse of a major digital bank tied to his government triggered widespread protests, froze millions of people’s savings and cost him the support of his own party.
Paraguay's House of Representatives unanimously approved the impeachment process for President Santiago Pena even though he has resigned.
Bank collapse leaves half of Paraguay without funds, economist-president under house arrest
A bank serving nearly half of Paraguay's population has collapsed, leaving millions of customers struggling to access their savings and putting public funds at risk. President Santiago Pena, a former economist with the IMF, has been impeached and placed under house arrest.
President Peña skips Senate impeachment trial as Paraguay reels from Ueno bank collapse
Paraguayan President Santiago Peña faces impeachment over a bank collapse tied to his administration. Peña is accused of steering public funds into Ueno Bank, which regulators seized this week, freezing nearly 3 million accounts. On Friday, Peña failed to appear…
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