Banking scandal in Paraguay: President Peña under pressure

The collapse of Ueno Bank has triggered a major financial and political scandal in Paraguay, putting President Santiago Peña under severe pressure. The Central Bank initiated liquidation proceedings due to insolvency, leading to investigations into alleged financial crimes involving 27 individuals, including bank executives. Peña offered his resignation, which Congress initially rejected, instead starting impeachment proceedings against him. The Ueno Bank, which managed significant public funds, faced scrutiny for potentially granting excessive loans to related companies. The situation remains uncertain as Peña navigates the impeachment process while the Central Bank works on customer reimbursements.