Paraguay President Santiago Peña Resigns Amid Banking Crisis
Santiago Peña resigned Thursday after a banking collapse froze millions of people's savings in Paraguay, according to The Guardian.
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Paraguay’s president, Santiago Peña, resigned on Thursday after a political and financial crisis brought down the country’s banking system, The Guardian reported. Millions of people’s savings were frozen.
Ueno Bank is central to the crisis. Peña’s rightwing administration had approved a major expansion of its operations before the collapse.
Over just a few years under Peña, Ueno grew from a little-known digital bank into one of Paraguay’s largest lenders. The bank claimed that roughly 60% of the country’s adult population were its customers.
Originally reported by The Guardian. Read the full story at The Guardian
