Paraguay's bank collapse hits millions
After Paraguay’s largest digital bank crumbled, President Santiago Peña was removed from office and detained, leaving the country in turmoil.
Paraguay's digital bank Ueno, a youth-friendly banking app, has collapsed, leaving approximately half of the country's population without access to their funds. The implosion of the bank, which was credited with expanding financial access in a region where one in four adults does not have a bank account, has triggered a political crisis and put Paraguay's credibility as a stable investment destination at risk.
President of Paraguay was removed from office and detained amid allegations of insider lending and close ties to the country's longtime ruling party, which is closely aligned with Washington.
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- ‘Very strange, very sad’: Paraguay bank collapse fells a presidency and leaves millions broke theguardian.com
- Crisis-hit Paraguay impeaches Peña over bank crisis, replaces him with VP Alliana batimes.com.ar
- Paraguay’s prosecutors charge Santiago Peña and seek his pre-trial detention over the Ueno Bank collapse en.mercopress.com
