Paraguay’s president quits after millions of people’s savings frozen in bank crisis
Paraguayan President Santiago Peña has resigned following a major financial crisis involving Ueno Bank. The bank, which held deposits for millions of citizens, was placed into resolution by the central bank, triggering widespread public protests.
Why it matters
The collapse of a major financial institution and the subsequent resignation of a head of state signals significant political and economic instability in South America.
Santiago Peña speaks in Asunción, Paraguay, on 3 March 2025. Santiago Peña speaks in Asunción, Paraguay, on 3 March 2025. Paraguay Paraguay’s president quits after millions of people’s savings frozen in bank crisis Santiago Peña’s rightwing administration had authorised Ueno Bank to drastically expand operations before collapse
Prefer the Guardian on Google Paraguay’s rightwing president, Santiago Peña, resigned on Thursday after a political and financial crisis collapsed the South American country’s banking system in recent days.
At the centre of the crisis is Ueno Bank, which in just a few years under Peña went from an obscure digital bank to one of the country’s largest lenders, claiming to have about 60% of Paraguay’s adult population as customers.
Headlinne story · 4 newsrooms
Paraguay President Resigns Following Collapse of Major Digital Bank
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