Paraguay’s president removed after Ueno Bank collapse
The collapse of a digital-first fintech topples a trusted Trump ally and reverberates through Paraguay’s politics
Paraguay’s President Santiago Peña was removed from office by Congress on Friday and placed under house arrest, days after regulators seized Ueno Bank, a digital lender that had become the country’s sixth-largest bank by deposits. The collapse has locked savers out of their accounts; the bank’s controlling shareholder is in jail, and protests have filled the capital, Asunción.