Geopolitics · Friday, 6 November 2026
Paraguay's president resigns as bank collapse locks out 3 million account holders
Santiago Peña stepped down Thursday, hours before lawmakers were set to impeach him, after regulators seized Ueno Bank when corrected accounting showed its capital had fallen to half the legal minimum. Peña had held a stake in the bank's parent company; Vice President Pedro Alliana has taken over, with nearly 3 million Paraguayans, over 60 percent of adults, still unable to access their accounts.