Paraguay President Peña resigns under mounting pressure from bank collapse
The central bank seized Ueno Bank after a solvency collapse that froze about 3 million accounts and fueled protests and impeachment proceedings.
- 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.
565 Articles
565 Articles
Paraguay’s Santiago Peña tenders his resignation, but Congress presses ahead with impeachment
Paraguayan President Santiago Peña tendered his resignation on Thursday, cornered by the collapse of Ueno Bank, but minutes later the Chamber of Deputies unanimously voted to impeach him, in an attempt to prevent him from taking up a lifetime Senate seat with immunity from prosecution once he leaves office. The final decision rests with the Senate.
Paraguay prosecutor opens 3 investigations into Ueno Bank crisis
ASUNCIÓN, Paraguay (AP) — Paraguayan President Santiago Peña is under criminal investigation following the collapse of a major digital bank, prosecutors announced, following the South American leader’s resignation and impeachment Thursday. The crisis at Ueno Bank turned Peña’s long-ruling Colorado Party against him, a stunning reversal for the former International Monetary Fund economist who had […]
The Star Democrat
Unrest in Paraguay as president steps down, in photos
ASUNCIÓN, Paraguay (AP) — Paraguayan President Santiago Peña announced 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 In Crisis: President Santiago Pena resigns as Ueno Bank collapse triggers impeachment move
Asunción: Paraguayan President Santiago Peña has submitted his resignation amid a major banking crisis triggered by the collapse of private lender Ueno Bank, saying the stability of the country, social peace and protection of democratic institutions must take precedence over any individual or political office. In a video message posted on X, Peña said he had decided to step down in the interest of safeguarding Paraguay’s institutional stability,…
South America: Paraguayans hold President Santiago Peña jointly responsible for the major financial problems at Ueno. The digital bank, where approximately 60…
Paraguay's President, Santiago Peña, resigned on Thursday after Ueno bank was closed in the middle of the night due to a solvency crisis, leaving millions of customers without access to their money...
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