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Paraguay President Resigns Amidst Banking Crisis
Paraguay's President Santiago Peña resigned due to a banking crisis after digital bank Ueno collapsed, leaving millions unable to access funds. The crisis sparked protests and impeachment efforts against Peña due to his past ties to the bank's ownership. Vice President Pedro Alliana is expected to take over.
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What happened
- 01President Santiago Peña resigned amid a banking crisis involving the collapse of Ueno bank.
- 02Approximately three million citizens lost access to their accounts following the bank's failure.
- 03Peña faced criticism over past ties to the bank's owning company and regulatory concerns.
- 04Mass protests erupted in Asunción demanding accountability and the return of funds.
- 05Paraguay's embassy was moved to Jerusalem by Peña in December 2024.
- 06Vice President Pedro Alliana is expected to succeed Peña.
Peña was a key supporter of Israel, having moved Paraguay's embassy to Jerusalem.
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