Skip to content
Sign In Subscribe
Politics — World Affairs

Paraguay President Santiago Peña Resigns Amid Banking Crisis

Regulators seized Ueno after discovering poorly documented loans and expenses incorrectly recorded as assets.

,   and  TIPP Staff
2 min read
Paraguay President Santiago Peña resigns after the collapse of Ueno Bank. Pic via(@AP)

Paraguayan President Santiago Peña announced his resignation on Thursday amid mounting pressure over the collapse of Ueno bank, apologising to the public while stopping short of accepting responsibility for the crisis.

He said his departure was necessary to protect national stability and democratic institutions.

Regulators seized Ueno after discovering poorly documented loans and expenses incorrectly recorded as assets. The bank reportedly held around $800 million in public deposits, including funds belonging to state pension institutions and a hydroelectric dam operator.

💡
The collapse triggered protests in the capital, Asunción, with demonstrators demanding Peña's impeachment. Authorities detained eight senior executives, including founder Miguel Vázquez, while prosecutors charged 27 bank officials with breach of trust.

The crisis also sparked a revolt within Peña's Colorado Party. Despite the turmoil, interim central bank president Pedro Acosta Bernal maintained that Paraguay's banking system remained sound.

Related Tweet:

Also Read:

Victor Davis Hanson: What The Midterm Election Results Mean For 2028
We have to remember that, in the last 126 years, since 1900, when the party in the White House faces a midterm—whether its first or second—90% of the time it loses House seats. Ninety percent.
tippinsightsTIPP Staff

Comments

Related

Latest