ASUNCIÓN — Widespread protests have paralysed the Paraguayan capital of Asunción as a severe banking crisis leaves roughly three million citizens unable to access their life savings, triggering a massive political upheaval.
The unrest exploded two days ago after the Central Bank of Paraguay seized control of “Ueno,” a financial institution with close ties to President Santiago Peña. The central bank’s intervention resulted in an immediate freeze on the deposits of millions, including vulnerable retirees and small business owners, sparking widespread panic across the nation.
Thousands of demonstrators have since converged on the National Congress building. Waving banners demanding justice and the restitution of frozen funds, the crowds have chanted slogans calling for systemic accountability, including the rallying cry, “Enough! Let them all leave!”
The financial meltdown has swiftly devolved into a political crisis. Bowing to mounting public fury, President Peña announced his resignation via a video message posted on the X platform. While he issued an apology to the Paraguayan people and stressed that his priority was reassuring citizens who trusted the financial system, he staunchly denied allegations that he intentionally abused their trust.
Despite the announcement, Peña’s immediate departure remains in legal limbo. Members of Congress voted unanimously to launch impeachment proceedings against the president, citing misconduct and a conflict of interest regarding his dealings with Ueno bank. However, lawmakers were unable to secure the legal quorum necessary to formally process his resignation during the emergency session.
As a result, Peña will temporarily retain his position as impeachment hearings are scheduled to begin Friday morning. Under Paraguay’s constitutional framework, Vice President Pedro Alliana is slated to assume the presidency once the resignation procedures are officially finalised.
Until then, the streets of Asunción remain on edge, with citizens vowing to maintain their protests until their frozen savings are returned and those responsible for the crisis are held to account.
Reference: PressTv
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Comming to a bank near you soon !!!