Paraguay President Santiago Pena Steps Down After Bank Ueno Collapse
The Ueno solvency crisis cut off millions of customers from their money and intensified political pressure in parliament.
Paraguay President Santiago Pena resigned after Bank Ueno collapsed and triggered panic in the country. In a social media message, Pena said he took the decision to preserve national stability, social peace and the continuity of public institutions. His resignation came as he faced pressure from lawmakers who accused him of a conflict of interest involving himself and Ueno. CNN Indonesia reported that Ueno was one of the largest and most popular banks in Paraguay, with nearly 50 percent of the population as customers. The bank was shut at midnight because of a solvency crisis, leaving millions of customers unable to access their deposits and sparking a national scandal.