Paraguayan Protesters Are Back on the Streets Despite the Removal of President

Paraguayan protesters are back on the streets despite the removal of President

A banking crisis that saw the president of Paraguay impeached Friday, November 6, continues to rock the country with protesters back on the streets. The Ueno Bank started as a digital first bank, attracting many low income customers, quickly growing to become a major bank in charge of state pensions and holding the accounts of several government institutions before having its accounts frozen by the central bank due to solvency concerns.

Paraguay’s bank collapse brought down a president – and exposed as myth the nation’s status as a ‘Dubai of South America’

Protesters on Nov. 5 burn a effigy depicting now ex-President Santiago Pena outside Congress in Asuncion, Paraguay, days after the beginning of a banking crisis to which he was linked. AP Photo/Jorge SaenzIt started on Nov. 3, 2026, when millions of Paraguayans trying to access the Ueno banking app found they could no longer get their money. In a matter of days, the financial situation escalated into political crisis, in which the country’s pre…

Paraguay’s President Resigned Over a Banking Collapse That Left Nearly 3 Million People Without Access to Their Money

Paraguay’s political institutions were tested in ways they had not been in years when Ueno Bank, one of the country’s largest financial entities, was seized by the Central Bank and nearly three million customers suddenly found themselves locked out of their accounts. The fallout moved fast. Within days, disgraced President Santiago Peña announced his resignation, the Chamber of Deputies approved an impeachment proceeding against him, and prosecu…