Millions of citizens without access to their money: Paraguay's banking crisis threatens to topple the president

A banking crisis in Paraguay: the collapse of the digital bank "Ueno" has left about three million customers without access to their money. The opposition has filed an impeachment motion against President Santiago Peña, amid allegations of conflict of interest and cover-up of deficiencies. The central bank governor resigned and eight senior officials were arrested.

An unprecedented banking crisis in Paraguay has turned into a political crisis threatening the tenure of President Santiago Peña. 35 opposition parliamentarians yesterday (Wednesday) filed a request to open impeachment proceedings against the president, following the collapse of the digital bank "Ueno," which left about three million customers without access to their funds. The crisis has led to protests across the country, the resignation of the central bank governor, and the arrest of eight senior bank officials. The opposition accuses the president of conflict of interest, improper use of pension funds, and institutional cover-up of deficiencies in the bank's conduct. The president called for prioritizing the depositors' welfare and promised to prosecute those responsible. The impeachment motion is expected to be debated in parliament, but its chances are low due to the majority held by Peña's party in both houses of parliament.