World
Paraguay’s president quits after millions of people’s savings frozen in bank crisis
Santiago Peña’s rightwing administration had authorised Ueno Bank to drastically expand operations before collapse
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Paraguay’s rightwing president, Santiago Peña, resigned on Thursday after a political and financial crisis collapsed the South American country’s banking system in recent days.
At the centre of the crisis is Ueno Bank, which in just a few years under Peña went from an obscure digital bank to one of the country’s largest lenders, claiming to have about 60% of Paraguay’s adult population as customers.
