Paraguay’s president quits after millions of people’s savings frozen in bank crisis
Santiago Peña’s rightwing administration had authorised Ueno Bank to drastically expand operations before collapse Paraguay’s rightwing president, Santiago Peña, resigned on Thursday after a political and financial crisis collapsed the South American country’s banking system in recent days. At the centre of the crisis is Ueno Bank, which in just a few years under Peña went from an obscure digital…
Paraguay's Lower House is set to vote on Thursday whether to impeach President Santiago Peña over a financial crisis stemming from the Central Bank's suspension of Ueno Bank's operations. The move comes after opposition members and dissidents from the ruling Colorado Party filed the impeachment request due to Peña's "poor performance of his duties while in office" and accusations of a "conflict of interest."
The Ueno Bank scandal has left nearly 3 million customers unable to access their deposits, affecting both individuals and government entities. Peña, who took office in 2023 and is set to remain in power until 2028, had previously held shares in a group controlling Ueno Bank, which he sold in 2025, and appointed former Ueno executive Carlos Carvallo as head of the Central Bank.
The impeachment request, supported by more than two thirds of present deputies, requires at least 30 votes in the 45-member Senate to remove Peña and Vice President Pedro Alliana from office.
Written by urgent.news from Buenos Aires Herald's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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- Paraguay Ueno Bank crisis: Lower House votes on Peña’s impeachment buenosairesherald.com
- Ueno Bank Collapse: How a solvency crisis froze savings for half of Paraguay kahawatungu.com
- Paraguay's President Santiago Pena resigns amid a bank crisis that froze millions of customers' accounts and sparked protests dw.com
- Ueno Bank liquidation triggers Paraguay political turmoil and impeachment move against Peña euronews.com
- Bank collapse sinks Paraguay's President Santiago Peña, who resigns as customers fear their savings are gone cbc.ca
- What is ueno bank and how did it trigger Paraguay's political crisis? hindustantimes.com
