Paraguay’s president quits after millions of people’s savings frozen in bank crisis
Santiago Peña’s rightwing administration had authorised Ueno Bank to drastically expand operations before collapse
TL;DR
- President Santiago Peña resigned due to a banking crisis and impeachment proceedings.
- Ueno Bank collapsed, freezing deposits for 3 million customers.
- Peña's administration authorized Ueno Bank's expansion, despite his past shareholding ties.
- Impeachment motions were filed by opposition and members of Peña's party, with support from ex-ally Horacio Cartes.
- Vice-President Pedro Alliana will complete the presidential term.
- The impeachment motion was unanimously approved by the lower house after Peña's resignation announcement.