From BBC News · · 50s
Paraguay's president resigns after bank collapse
Santiago Peña steps down following a political crisis triggered by the insolvency of a bank he once owned a stake in.
In brief
Santiago Peña steps down following a political crisis triggered by the insolvency of a bank he once owned a stake in. Paraguay's President Santiago Peña resigned after a bank collapse sparked accusations of conflicts of interest, averting an impeachment trial. Originally reported by BBC News.
President announces resignation
Paraguay's President Santiago Peña announced his resignation in a video message on social media following a political crisis sparked by a bank collapse.
“I want to apologise to the people if at any point I failed.”
Bank collapse and accusations
Ueno Bank entered insolvency, freezing all operations. Lawmakers accused Peña, a former shareholder in the company that owned the bank, of conflicts of interest and misconduct.
Millions lose access to accounts
Ueno Bank served about three million customers, equivalent to about sixty percent of Paraguay's adult population. After its collapse, millions could not access their accounts or pensions.
Here's the gist
Paraguay's President Santiago Peña resigned after a bank collapse sparked accusations of conflicts of interest, averting an impeachment trial.
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