Paraguay's president resigns amid banking crisis

The Guardian reported that Paraguay’s right‑wing president, Santiago Peña, stepped down on Thursday after a political and financial crisis toppled the country’s banking system. The outlet said Peña’s administration had authorised Ueno Bank to drastically expand its operations before the collapse. Ueno Bank, once an obscure digital lender, grew in a few years to become one of Paraguay’s largest banks, claiming to serve about 60% of the adult population, according to the report. The rapid expansion and subsequent failure of the bank triggered the crisis that led to the president’s resignation.

Why it matters

The resignation highlights the political fallout from a banking collapse that left millions of savers without access to their funds.

Key details

Location

Chile · Americas

Reported by

The Guardian

First reported

6 Nov 2026, 00:18 IST

Key names

Santiago Peña, Ueno Bank, Paraguay, South American

Section

World

Sources

This is an independent summary. Read the full, original reporting from the publisher:

• The GuardianParaguay’s president quits after millions of people’s savings frozen in bank crisis 6 Nov, 00:18

Read the full story at The Guardian ↗

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