Paraguay’s president quits after millions of people’s savings frozen in bank crisis

According to the report, Paraguay’s rightwing president, Santiago Peña, resigned on Thursday following a severe political and financial crisis that destabilized the nation’s banking system. The turmoil centered on Ueno Bank, which reportedly expanded from an obscure digital lender to one of the country’s largest institutions under Peña’s administration, claiming to serve approximately 60% of the adult population. The crisis resulted in millions of people having their savings frozen. The administration had previously authorized the bank to drastically increase its operations before its collapse.

Source: The Guardian

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