Paraguay's president quits after Ueno Bank collapse
Paraguay's central bank seized Ueno Bank, a digital lender, and its executives were arrested, leaving savers unable to reach their money.
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What happened
Paraguay's central bank seized Ueno Bank, a digital lender, and its executives were arrested, leaving savers unable to reach their money. Lawmakers had already filed impeachment charges against President Santiago Peña and Vice President Pedro Alliana, and protests broke out across the country. Peña has now announced his resignation, and a prosecutor says he will seek charges against him.
Why it matters
Millions of people were blocked from accessing their money after the takeover, and the bank reportedly held about half of the country's savings.
Timeline
- Nov 4, 1:16 PM ET: Lawmakers filed impeachment charges against Peña and Alliana over the Ueno Bank collapse.
- Nov 4, 3:44 PM ET: The central bank seized Ueno Bank as its executives were arrested.
- Nov 5, 12:08 PM ET: Peña resigned after facing an impeachment motion and protests.
- Nov 5, 4:45 PM ET: A prosecutor said he will seek charges against Peña following the bank collapse.
Coverage
- Paraguay: Thousands protest banking scandal as president faces impeachment (Yahoo News)
- Video. Paraguay: Thousands protest banking scandal as president faces impeachment (Euronews)
- Paraguay's president tangled up in Ueno banking crisis (ABC News (Australia))
- Paraguay’s president impeached amid bank collapse crisis (Al Jazeera)
- Bank collapse takes down a president and Trump ally in Paraguay (The Japan Times)
- Santiago Pena, Paraguay president struck down by a bank scandal (France 24)
- Paraguay raids former president Pena's home after bank collapse
- Paraguay ousts President Santiago Peña over Ueno Bank collapse
- Paraguay's ex-president Peña charged, detained over Ueno Bank collapse
- Paraguay president impeached as Ueno Bank collapse freezes savings
- Paraguay's central bank takes control of Ueno digital lender
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