The Bank That Toppled a President and Exposed Fragile Democracies | Opinion
Summary
The collapse of Paraguay’s Ueno Bank triggered investigations and political turmoil, including the resignation, impeachment and indictment of President Santiago Peña. The crisis raised questions about political influence over financial oversight and left customers uncertain about access to their money.Key Facts
- Investigations into Ueno Bank widened as senior executives were detained.
- Paraguay’s central bank president resigned during the crisis.
- Peña resigned, was impeached and was later indicted amid the scandal.
- Former president Horacio Cartes remained a powerful figure in the ruling Colorado Party.
- Millions of people relied on Ueno for salaries, savings and everyday transactions.
- The United States lifted sanctions against Cartes in 2025.
- Paraguay has faced longstanding concerns involving corruption, weak institutions and money laundering.
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