REACTION: Paraguay’s Peña Resigns Amid a Banking Crisis
President Santiago Peña submitted his resignation following the collapse of a major digital bank.
Paraguayan President Santiago Peña submitted his resignation on Nov. 5 and, minutes later, the lower house of Congress voted unanimously to impeach him amid the fallout from the collapse of Ueno Bank. The country has seen days of protests after the central bank seized the digital lender on Nov. 3, as the savings of about 3 million customers—more than half of Paraguay's adult population—were frozen. According to media reports, until last year, Peña held shares in Ueno Holding. During his administration, the bank received substantial deposits from public entities, including the Social...
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