Paraguay President Peña resigns under mounting pressure from bank collapse
- 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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544 Articles
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...
The president of Paraguay, Santiago Peña, resigned from office in the midst of a financial crisis triggered by the bankruptcy of the Ueno Bank, which left
Paraguay's Trump-aligned president resigns amid bank crisis
After being feted around Washington a mere two weeks ago, Paraguayan President Santiago Peña resigned Thursday amid ongoing impeachment proceedings over his irregular ties to a top digital bank that collapsed this week, locking out nearly half of the South American country’s population from its savings and pensions.The scandal over the now-insolvent ueno bank, which holds $850m in public funds and serves nearly 3 million customers, accelerated t…
Paraguay's President, Santiago Peña, announced his resignation on Thursday, following a banking scandal that degenerated into a political crisis, when MEPs were debating a procedure for his dismissal.
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