Summary
Paraguay President Santiago Peña announced his resignation after Ueno Bank entered insolvency, triggering a political crisis. The bank’s collapse froze operations and blocked millions of people from accessing accounts, while lawmakers accused Peña of conflicts of interest and voted to pursue an impeachment trial.Key Facts
- Ueno Bank entered an insolvency process, freezing all operations.
- The bank held pensions and some other public funds.
- Millions of people could not access their accounts after the collapse.
- Protests followed, with demonstrators demanding Peña’s resignation.
- Peña was a shareholder until last year in the company that owned the bank.
- Paraguay’s lower house voted to pursue an impeachment trial.
- Peña said he resigned to protect stability, social peace, and democratic institutions.
- Peña won the 2023 presidential election as the Colorado Party’s candidate.
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