Paraguay’s president quits after millions of people’s savings frozen in bank crisis
Summary
Paraguayan President Santiago Peña announced his resignation amid a banking crisis and impeachment proceedings. The crisis centered on Ueno Bank, which regulators placed into resolution after finding it insolvent, freezing customer deposits and prompting protests.Key Facts
- Peña announced his resignation in a video on Thursday.
- Paraguay’s central bank placed Ueno Bank into resolution on Monday, citing insolvency.
- The article says the action froze deposits belonging to about 3 million customers.
- Bank executives were arrested, and people protested in the streets.
- Peña faced impeachment proceedings filed by opposition lawmakers and members of his Colorado party.
- Ueno Bank held between $800 million and $850 million in deposits from state and pension entities, according to the article.
- Peña had previously held shares in the group that ran Ueno Bank and said he had sold them.
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