Paraguay’s President, Santiago Peña, Quits Amid Ueno Bank Scandal

Live updates

1. 14m ago

   Paraguay President Santiago Pena Resigns Amid Ueno Bank Crisis

   Paraguayan President Santiago Pena resigned on Thursday morning following a severe political and financial crisis triggered by the collapse of digital lender Ueno Bank. The failure of the financial institution left millions of customers unable to access their savings, prompting mounting pressure, impeachment proceedings, and an initial lower house vote to pursue his removal. Pena apologized for failing to prevent the worst financial crisis in decades. Following his exit, conflicting reports emerged regarding his detention status, with accounts placing him in custody at a military barracks in Asuncion versus under house arrest.

   Why it matters

   The sudden collapse of Ueno Bank ignited a massive political crisis in Paraguay, directly threatening the administration of President Santiago Pena, who has been described as an ally of Donald Trump. Lawmakers moved swiftly to launch impeachment proceedings against the leader as public anger mounted over frozen accounts and inaccessible savings. The resulting turmoil culminated in Pena stepping down from office amid intense pressure from the banking failure.

   What is confirmed

   • Paraguayan President Santiago Pena announced his resignation on Thursday morning.
   • The political crisis was triggered by the collapse of digital lender Ueno Bank, which left millions of customers unable to access their accounts.
   • The lower house of Congress voted in favour of pursuing an impeachment trial against President Santiago Pena.
   • Santiago Pena apologized for failing to prevent the financial crisis.

   Still unconfirmed

   • The Paraguayan Senate removed Santiago Pena from office on Friday.
   • Ousted president Santiago Pena was remanded in custody and ordered held at a military barracks in the capital Asuncion.
   • Ousted Paraguayan president Santiago Pena was placed under house arrest on suspicion of breach of trust.

   What to watch next

   • Decisions by the Paraguayan Congress regarding the status of the presidency following the rejection of the resignation.
   • Further legal proceedings and investigations by prosecutors into the collapse of Ueno Bank and allegations of breach of trust.
   • Clarification on the detention status of Santiago Pena.
   Sources used for this update (13)

   1. www.nytimes.com — The New York Times - Breaking News, US News, World News and Videos
   2. CNN — President of Paraguay resigns as president of amid crisis over the closure of Ueno Bank
   3. Reuters — Explainer: What is ueno bank and how did it trigger Paraguay's political crisis?
   4. The New York Times — Paraguay’s Leader Resigns After Bank Failure Leaves Millions Without Savings
   5. Reuters — Paraguay President Peña resigns under mounting pressure from bank collapse
   6. Bloomberg.com — How a Banking Scandal Is Taking Down Trump’s Ally in Paraguay
   7. Al Jazeera — Paraguay Congress rejects President Pena’s resignation after bank collapse
   8. www.bbc.com — Paraguay President Santiago Peña resigns after bank collapse
   9. abcnews.com — Paraguay President Santiago Peña resigns following bank collapse
   10. www.yahoo.com — Paraguay's ousted president Peña remanded in custody over bank scandal
   11. www.china.org.cn — Paraguayan president resigns following bank collapse - China.org.cn
   12. article.wn.com — Paraguay’s President, Santiago Peña, Quits Amid Ueno Bank Scandal - WorldNews
   confidence 95%