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Paraguay's president resigns over a bank collapse, and lawmakers vote to impeach him

Santiago Peña apologized in a video, while close to three million Ueno Bank customers were left without access to their accounts.

Santiago Peña, President of Paraguay, in 2024
Santiago Peña, President of Paraguay, in 2024. Photo: http://www.presidencia.gob.ec/, Public domain, Wikimedia Commons
11 news outlets reported this · Little coverage from conservative outlets
Liberal4 outletsPublic anger, Peña's Ueno ties, and protesters' demandsCenter6 outletsResignation, impeachment vote and what happens to depositorsConservative1 outletOpposition lawmakers move to impeach embattled president
Published 3 min readMoney and daily life
Overview

Paraguayan President Santiago Peña resigned on Thursday, Nov. 5, after the collapse of Ueno Bank, a digital lender with close to three million customers. Paraguay's central bank seized the bank on Tuesday, finding its capital had fallen below half the legal minimum. Customers lost access to their accounts, and protesters demanded Peña's removal.

In a recorded video, Peña apologized "if at any point I failed" and said he was stepping down to protect stability, social peace and democratic institutions. Vice President Pedro Alliana is set to take office. Lawmakers accused Peña of conflicts of interest and of misusing pension funds, and alleged "institutional cover-ups" tied to Ueno.

He held a stake in Ueno's holding company until last year, and BBC reports he has rejected suggestions of impropriety. Former President Horacio Cartes, leader of the ruling Colorado Party, had withdrawn his support. The Chamber of Deputies voted to impeach Peña around the time he resigned, with 78 votes in favor, UPI reports.

Authorities detained eight senior Ueno executives, and prosecutors charged 27 bank officials and business associates. Reimbursements to eligible depositors were scheduled to begin Thursday, according to UPI.

Key figures
  • 78 votes in favor of impeachment charges in the Chamber of Deputies, per UPI — UPI
  • 2.94 million customers served by Ueno — Deutsche Welle
  • $800 million public-sector deposits Ueno held as of last month, about a quarter of its total — Deutsche Welle
  • $355 million held by the pension institute IPS at the bank — Deutsche Welle
  • 27 bank officials and business associates charged by prosecutors — ABC News

Three sides of the story

Liberal4 outlets

Public anger, Peña's Ueno ties, and protesters' demands

Al Jazeera opens with Peña's resignation amid growing demands that he go. It quotes its Latin America editor Lucia Newman saying he "is accused of negligence at the very least." It also reports people outside Congress urging lawmakers not to accept the resignation because they want him tried.

La Opinión puts Peña's earlier business ties to Ueno at the center. It describes a crisis that moved from one bank's troubles to a direct challenge to his government, and it carries his apology to the public. ABC News runs the AP report, which recounts protesters shouting "We want your head, Peña!" and quotes protester Luis Pineda saying Peña and the Colorado Party "have stolen all our savings."

The report also traces Ueno's rapid growth and worries inside the central bank over lending to insiders. NPR's headline says Peña was impeached minutes after resigning. Its report describes a bank tied to his government whose collapse froze savings for millions of people.

Center6 outlets

Resignation, impeachment vote and what happens to depositors

BBC News opens with the resignation and Peña's apology, quoting "It was never my intention to betray the trust you placed in me," and notes he has rejected suggestions of impropriety. UPI headlines the impeachment charges and reports 78 votes in favor, a rejected effort against Alliana and the Senate's next step as a tribunal. It adds that under Article 189 of the Constitution, a former president who is impeached and found guilty does not become a senator for life.

UPI also cites a JPMorgan report naming Ueno's collapse as an added risk for Paraguay's sovereign debt. It quotes former central bank board member Jorge Shreiner on possible fraud suits by Ueno bondholders. Deutsche Welle uses a question-and-answer format, listing the accusations from 35 lawmakers, including two loans Peña received from Ueno, and what authorities have done.

Euronews' headline stresses 3M people without access to accounts. It reports the Chamber of Deputies voted unanimously to impeach him and quotes ruling-party deputy Alejandro Aquilera: "I can't pretend to be oblivious."

Conservative1 outlet

Opposition lawmakers move to impeach embattled president

The Washington Times headlines that Paraguay's political opposition moves to impeach the "embattled" president over a banking scandal. It reports that opposition lawmakers on Thursday moved to impeach President Santiago Pena.

Where outlets disagree
Money and daily life

UPI reports that Paraguay's Deposit Guarantee Fund was due to start paying eligible depositors on Thursday, per a Central Bank announcement. Initial advances reach up to 40 monthly minimum wages per depositor, about $18,700 by UPI's figure, and payments are due to finish within five business days. The full guarantee goes up to 75 monthly minimum wages. AP reports officials said they had begun repaying depositors and were setting up new accounts elsewhere for about 280,000 people who banked only with Ueno.

All sources: 16 articles from 11 outlets

Liberal (5)

Center (10)

Conservative (1)