Translated automatically by AI from the Italian original.
A severe financial crisis in Paraguay triggered by the collapse of Ueno Bank has engulfed the country within just 48 hours, forcing President Santiago Peña to resign just short of impeachment.
With three million account holders with frozen accounts and savings and pension funds wiped out to the tune of hundreds of millions of dollars, Peña’s position—politically tied to the bank—became untenable. An enraged population staged daily protests outside the presidential residence and the bank’s headquarters in the capital.
The situation triggered a domino effect across the entire financial system: endless queues at ATMs and a surge in online banking access prompted several institutions to temporarily suspend operations to avert total collapse. Among the crisis’s most symbolic stories is that of Veronica Ocampos, forced to launch an online fundraiser to travel to Tokyo and compete in Miss Universe after her savings were frozen.
In an attempt to contain the chaos, President Peña announced his resignation in a video posted on social media: “I have made this decision with the stability of our country, social peace and the need to preserve our democratic institutions at heart,” reiterating that the absolute priority remains the citizens’ peace of mind and the return of the frozen funds.
