Paraguay's President Santiago Peña resigns and is impeached amid the Ueno Bank crisis
Summary
Paraguay's central bank has seized a major digital bank with ties to President Santiago Peña, ABC News reported on Tuesday 3 November, the LA Times headlining that the seizure leaves millions of customers in limbo and ABC News that it leaves millions in limbo. The central bank's board voted unanimously Monday to put Ueno Bank into resolution after its solvency ratio, a measure of a bank's capital against its risk-weighted assets, fell below half the legal minimum, the regulator said, according to the LA Times. On Thursday 5 November Peña resigned following the bank collapse, The Philadelphia Inquirer and ABC News reported, Bloomberg writing, citing the local outlet ABC, that Peña stepped down as lawmakers kicked off a debate over Peña's impeachment after the collapse of a major commercial bank with ties to Peña's government plunged the South American nation into financial and social turmoil. Paraguay's lower house voted unanimously to impeach Peña minutes after the resignation, the Inquirer reported.
Latest: Paraguay's President Santiago Peña resigned following the bank collapse, The Philadelphia Inquirer and ABC News reported, Bloomberg writing, citing the local outlet ABC, that Peña stepped down as lawmakers kicked off a debate over Peña's impeachment, and the lower house voted unanimously to impeach Peña minutes after the resignation, the Inquirer reported.
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How it unfolded
Thursday 5 November
Paraguay's President Santiago Peña resigned following the bank collapse, The Philadelphia Inquirer and ABC News reported, Bloomberg writing, citing the local outlet ABC, that Peña stepped down as lawmakers kicked off a debate over Peña's impeachment, and the lower house voted unanimously to impeach Peña minutes after the resignation, the Inquirer reported.
- 12:36The Philadelphia Inquirer Paraguayan president impeached minutes after resigning following bank collapse
- 11:39ABC News Paraguay President Santiago Peña resigns following bank collapse
- 11:26The Philadelphia Inquirer Paraguay President Santiago Peña resigns following bank collapse
- 11:01Bloomberg Paraguay’s Peña Resigns Amid Ueno Bank Crisis, ABC Reports
Tuesday 3 November
Paraguay's central bank has seized a major digital bank with ties to President Santiago Peña, ABC News reported, the LA Times headlining that the seizure leaves millions of customers in limbo and writing that the central bank's board voted unanimously Monday to put Ueno Bank into resolution after its solvency ratio fell below half the legal minimum, the regulator said.