# Ueno Bank Collapse Forces Paraguay's President to Resign

> Paraguay's president Santiago Peña resigns after Ueno Bank's collapse wipes out public funds and triggers political turmoil.
- Title: Ueno Bank Collapse Forces Paraguay's President to Resign
- Summary: Paraguay's president Santiago Peña resigns after Ueno Bank's collapse wipes out public funds and triggers political turmoil.
- Keywords: paraguay, santiago pena, ueno bank, central bank of paraguay, impeachment, financial crisis, public funds, corralito, euronews
- Source: euronews — https://euronews.com/2026/11/05/ueno-bank-liquidation-triggers-paraguay-political-turmoil-and-impeachment-move-against-pen
- Author: Escarlata Sánchez
- Published: 2026-11-05T14:38:17+00:00
- Read time: 1 min
- Topics: paraguay, santiago pena, ueno bank, central bank of paraguay, impeachment, financial crisis, public funds, corralito, news, world, politics
## Ueno Bank Collapse
Ueno Bank's app stopped displaying accounts at 03:24 on Tuesday 3 November, showing 'We cannot display the balance'.

> We cannot display the balance
## Public Funds at Risk
The bank held 850 million dollars (758 million euros) in public funds, including Social Security Institute money.
## Corralito Fear
Demonstrators held placards asking 'Who will answer for a lifetime of savings? Will there be impunity?'

> Who will answer for a lifetime of savings? Will there be impunity?
## Central Bank Action
The Central Bank of Paraguay closed Ueno Bank, stating neither app, cards, nor services were active from that day.

> We proceeded to close the institution; neither the app, nor the cards, nor any service is active from today
## Political Turmoil
President Santiago Peña resigned after 35 lawmakers requested impeachment proceedings against him.
## Bank Executives Arrested
Eight senior Ueno Bank executives, including chief executive Miguel Vázquez, were arrested.
## Economic Impact
The Association of Importers and Traders warned of a 35% slump in retail sales due to the collapse.
## Key takeaway

Paraguay's president Santiago Peña resigned following Ueno Bank's collapse that drained public funds and caused widespread financial chaos.