A BANK RUN TOOK DOWN A PRESIDENT! Paraguay’s President Santiago Peña announced his resignation Thursday after the collapse of digital lender Ueno Bank froze millions of people’s savings and set off street protests, BBC News and AP reported.
“I want to apologise to the people if at any point I failed,” Peña said in a video message. “It was never my intention to betray the trust you placed in me.” Minutes later, the lower house voted 78-0 to impeach him, AP reported, sending the case to the Senate.
Ueno says it has about three million customers, roughly 60% of Paraguay’s adults. The central bank ordered the lender into resolution after its solvency ratio fell below half the required minimum, and the app, cards, and transfers stopped working, DW reported. The bank held pensions and public money, including about $355 million from the Social Security Institute, according to DW.
Lawmakers accused Peña, who sold his shares in the bank’s parent company in April 2025, of conflicts of interest. He has denied wrongdoing. His own Colorado Party turned on him, and Vice President Pedro Alliana is next in line. A deposit guarantee fund was set to start paying eligible savers Thursday.
Featured image: AI-generated editorial illustration by Bugle Blast.
Sources: BBC News, AP, DW, The Guardian
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