Americas

Paraguay's President Santiago Peña announced his resignation in a video on Thursday. The banking crisis that brought him down has locked millions of people out of their savings, The Guardian reported. The 47-year-old economist took power in August 2023. His term was due to run until 2028. At the heart of the crisis is Ueno Bank. According to The Guardian, it grew under Peña from an obscure digital bank into one of the country's largest lenders. It claimed about 60% of Paraguay's adult population as customers. On Monday, the central bank put Ueno into resolution over insolvency. The move froze the deposits of 3 million customers. Hundreds of thousands of families were left with no money for food and basic daily costs. Bank executives were arrested, and people poured into the streets in large protests. The central bank granted Ueno a digital banking licence at the end of 2023, under Peña's government. The bank came to manage between $800 million and $850 million in deposits from state and pension bodies, including retirement funds. Critics saw a conflict of interest because Peña once held shares in Ueno Holding. Peña said he had made only an "investment" and had since sold all his shares. He dismissed press reports of favouritism as a "false media campaign". The bank also sponsored the national football team. On Wednesday, the players issued a letter demanding a "forceful response" from the government and the courts.…