From euronews · Escarlata Sánchez · · 1m 10s
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.
In brief
Paraguay's president Santiago Peña resigns after Ueno Bank's collapse wipes out public funds and triggers political turmoil. Paraguay's president Santiago Peña resigned following Ueno Bank's collapse that drained public funds and caused widespread financial chaos. Originally reported by euronews.
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.
What to remember
Paraguay's president Santiago Peña resigned following Ueno Bank's collapse that drained public funds and caused widespread financial chaos.
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