Paraguay President Pena resigns in wake of bank collapse
News Source
β’Thu, 05 Nov 2026 17:08:19 +0000
π° What Happened
Paraguay's President Santiago Pena resigned on Thursday after the collapse of the digital lender ueno. Millions of customers were left unable to reach their accounts. Pena announced his decision in a recorded address, saying he acted to protect the country's stability and its democratic institutions.
Vice President Pedro Alliana is set to replace him. Lawmakers had accused Pena of conflicts of interest, misuse of pension funds and covering up the bank's problems.
π The Backstory
ueno grew from a small fintech company into a mid-sized bank that handled close to 850 million dollars in public funds. The opposition called an emergency session to begin impeachment, and protesters gathered outside Congress.
Pena lost the support of members of his own conservative party before he stepped down. Al Jazeera's Latin America editor said some protesters wanted Congress to reject the resignation so he could face a trial.
π― Why It Matters
A bank failure has now toppled a president, showing how fast a financial scandal can shake a country's politics.
Paraguay's President Santiago Pena resigned on Thursday after the collapse of the digital lender ueno. Millions of customers were left unable to reach their accounts. Pena announced his decision in a recorded address, saying he acted to protect the country's stability and its democratic institutions.
Vice President Pedro Alliana is set to replace him. Lawmakers had accused Pena of conflicts of interest, misuse of pension funds and covering up the bank's problems.
ueno grew from a small fintech company into a mid-sized bank that handled close to 850 million dollars in public funds. The opposition called an emergency session to begin impeachment, and protesters gathered outside Congress.
Pena lost the support of members of his own conservative party before he stepped down. Al Jazeera's Latin America editor said some protesters wanted Congress to reject the resignation so he could face a trial.
A bank failure has now toppled a president, showing how fast a financial scandal can shake a country's politics.