Paraguay raids former president Pena's home after bank collapse
Paraguay's Ueno Bank collapse led senators to impeach President Santiago Peña, who now faces financial crime charges.
By Standard Topic. AI-generated from the reporting listed under Coverage. Published . Updated .
What happened
Ueno Bank collapsed, leaving more than half of Paraguay's population unable to access their bank accounts from November 3. Senators impeached President Santiago Peña, who is connected to the bank, and former vice president Alliana took charge as president. Peña faces charges of financial crimes, and his home was raided, while thousands of public schoolteachers went on strike to demand pension fund protections.
Why it matters
Millions of customers have been unable to access their money, and the collapse has raised questions about who bears the risks of financial modernization in the country.
Timeline
- Nov 3: Ueno Bank collapsed, and more than half of Paraguay's population woke up unable to access their bank accounts.
- Friday: Senators impeached Santiago Peña, and former vice president Alliana took charge as the country's president.
- Nov 9, 8:44 AM ET: Paraguay raided the home of Santiago Peña, who faces charges of financial crimes following the collapse of Ueno Bank.
- Nov 9, 1:19 PM ET: Thousands of public schoolteachers went on strike in Paraguay and took to the streets of several cities.
- Nov 9, 2:36 PM ET: The new president ordered all ministers to resign and appointed Schreiner as new central bank head.
Coverage
- Bank collapse scandal in Paraguay leaves millions of customers unable to access their money (CNN)
- Paraguay Bank Collapse Tests LatAm's Credibility (gfmag.com)
- How Paraguay's banking crisis ousted a president and left millions broke (The Guardian)
- Paraguay banking crisis: New President orders all ministers to resign, appoints Schreiner as new central bank head (WION)
- Paraguay’s Ueno Bank Crisis: Digital Banking, Financial Turmoil and Geopolitical Fallout (Dian Venita Sary)
- Teachers strike in Paraguay to demand pension fund protections following bank's collapse (The Washington Post)
- Teachers strike in Paraguay to demand pension fund protections following bank’s collapse (wtop.com)
- Paraguay raids ex-president’s home: Why a bank crash brought down Pena (Al Jazeera)
- Paraguay’s bank collapse brought down a president – and exposed as myth the nation’s status as a ‘Dubai of South America’ (The Conversation)
- What Paraguay's Ueno Bank Has in Common With Two Other South American Bank Collapses You Should Know About (José Gutierrez)
- How a bank collapse left millions in limbo and toppled Paraguay's president (NPR)
- How a digital bank’s collapse toppled Paraguay’s president (The Japan Times)
- 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 president quits after Ueno Bank collapse
- Paraguay's central bank takes control of Ueno digital lender
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