Paraguay’s president quits after millions of people’s savings frozen in bank crisis
- Paraguay’s rightwing president, Santiago Peña, resigned on Thursday after a political and financial crisis collapsed the South American country’s banking system in recent days.
- At the centre of the crisis is Ueno Bank, which in just a few years under Peña went from an obscure digital bank to one of the country’s largest lenders, claiming to have about 60% of Paraguay’s adult population as customers.
- Last Monday, the central bank ordered Ueno into resolution over insolvency, freezing the deposits of 3 million customers, leaving hundreds of thousands of families without access to money for food an
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- Paraguay’s rightwing president, Santiago Peña, resigned on Thursday after a political and financial crisis collapsed the South American country’s banking system in recent days.
- At the centre of the crisis is Ueno Bank, which in just a few years under Peña went from an obscure digital bank to one of the country’s largest lenders, claiming to have about 60% of Paraguay’s adult population as customers.
- Last Monday, the central bank ordered Ueno into resolution over insolvency, freezing the deposits of 3 million customers, leaving hundreds of thousands of families without access to money for food an
Sources: Guardian