‘The Master of Paraguay’ exploded, toppling the President
It was a kind of Banco Master – but this one brought down a President. Santiago Peña, the President of Paraguay celebrated by international investors and who had been leading a cycle of rapid growth in the country, resigned today from his position.
Santiago Peña, the President of Paraguay, has resigned from his position in an attempt to avoid impeachment proceedings. He was accused of involvement in a scandal surrounding the collapse of Ueno Bank, the country's largest digital bank, which left 2.9 million customers without access to their deposits. The bank was liquidated by the Paraguayan Central Bank on Tuesday due to insufficient reserves, sparking three days of protests and ultimately leading to Peña's decision to step down. The country's vice president, Pedro Alliana, is expected to take over as president.
Written by urgent.news from Brazil Journal's report — not a translation of it. Machine-written — may contain errors; check the original before relying on it.
