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Paraguay's Senate removes President Peña after Ueno Bank collapse
Paraguay's Senate unanimously removed President Santiago Peña on Friday over the collapse of Ueno Bank. He was then placed under house arrest. Vice President Pedro Alliana was sworn in as president. Regulators had seized the digital bank, leaving millions of customers unable to reach savings and pension payments. Protesters clashed with police outside Peña's home and demanded jail rather than house arrest. Alliana promised to compensate savers. Peña was moved to a military unit for his safety and is due to give testimony to prosecutors.
Why it matters
A bank failure toppled a president and left a large share of Paraguayans cut off from their money.
Background
Ueno Bank was a digital bank used by about half of Paraguayans. Regulators placed it under administration this week. Opponents accused the government of letting it expand too fast.
The story so far
- Paraguay takes over Ueno Bank, freezes deposits
- Paraguay's president resigns and is impeached after bank collapse
- Paraguay's Senate removes President Peña, who is placed under house arrest
- Paraguay's Senate removes President Peña after Ueno Bank collapse
- Paraguay's ousted president charged over bank collapse
- Paraguay appoints new central bank chief after Ueno Bank collapse
- Paraguay names new central bank chief after Ueno collapse
- Paraguay repays Ueno Bank savers; Peña faces probe
- Paraguay partly refunds Ueno Bank depositors after collapse
Sources
- BBC News ↗Nov 7, 2:20 AM ET
- The Guardian ↗Nov 6, 8:55 PM ET
- MercoPress ↗Nov 6, 9:17 PM ET
This summary was written automatically from the reporting linked above; follow the sources for the full story. How One Turn works.