Paraguay’s President Pena resigns under mounting pressure from bank collapse
Paraguayan President Santiago Pena resigned on Thursday as calls for his removal swelled following the collapse of digital lender Ueno that left millions of customers unable to access their accounts. “I do so with the stability of our country, social peace, and the need to preserve our democratic institutions in mind,” he said in a video recorded address on Thursday. Pena, an ally of US President…
Paraguay's President Santiago Peña resigned on November 5 amid a banking collapse that threatened the country's financial stability. The Central Bank intervened in Ueno Bank, one of Paraguay's leading digital banks, after detecting serious irregularities and financial problems. Millions of customers temporarily lost access to their accounts as the government faced impeachment proceedings.
Peña, who took office in August 2023, cited the need to protect depositors and stabilize the country's institutions. He apologized to citizens for not meeting their expectations during his tenure. The collapse, linked to Peña's business ties to the bank, raised concerns about financial oversight and political influence.
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