Bank collapse in Paraguay – president resigns

In total, around three million customers have lost access to their accounts after the bank's collapse, and opposition politicians immediately demanded the impeachment of the country's president, Santiago Peña.

However, Peña voluntarily chose to resign on Thursday.

The crisis was triggered when Paraguay's central bank intervened against digital bank Ueno when it no longer met the requirements for financial stability. The bank's collapse has led to demonstrations and long queues of people trying to access their savings.

President Peña has previously been a partner in the group that controls the bank. The opposition accuses him, among other things, of conflicts of interest and misuse of pension funds.

On Wednesday, 35 members of parliament submitted a request to impeach the president.

The banking crisis has also led to the resignation of the central bank governor and the arrest of eight bank governors at Ueno.