Paraguayan president resigns as Ueno Bank crisis freezes millions of accounts
President Santiago Peña steps down on Thursday, triggering Vice President Pedro Alliana to assume the presidency. The resignation follows the central bank’s intervention in Ueno Bank after its solvency fell below required levels, leaving millions of Paraguayans unable to access their deposits. The bank served roughly 2.94 million customers, about 60 % of the adult population, and held close to $850 million in public‑sector funds. Opposition lawmakers have moved to impeach Peña, while protests continue in Asunción.
Key facts
- Ueno Bank held about $800 million in public‑sector deposits, a quarter of its total deposits.
- The Social Security Institute had $355 million deposited at Ueno, representing 9 % of its investments.
- Thirty‑five opposition and ruling‑party deputies submitted impeachment articles in the 80‑seat Chamber of Deputies.
- Hundreds of Ueno employees and Grupo Vázquez workers protested outside the Labor Ministry demanding severance.
- Peña previously owned shares in Grupo Vázquez, the parent company of Ueno Bank, which he sold last year.
Summarised with AI from 5 sourcesRead our AI policy
Why it matters
The leadership change occurs amid a banking collapse that affects a majority of Paraguay's citizens.
What changed
First published from Euronews, The Straits Times, DW, Buenos Aires Times and BBC News