Paraguay’s president quits after millions of people’s savings frozen in bank crisis

[carride]

Peña, a former finance minister who promised to rebuild a “great Paraguay”, was a key ally of the US president, Donald Trump, in the region – one of the few Latin American presidents to attend Trump’s second inauguration. US officials, including the secretary of state, Marco Rubio, repeatedly praised him as a “strategic partner”, and Peña recently flew to Washington to discuss critical minerals and economic cooperation. Neither Rubio nor Trump has yet commented on Peña’s resignation.

Paraguay’s president quits after millions of people’s savings frozen in bank crisis

Santiago Peña’s rightwing administration had authorised Ueno Bank to drastically expand operations before collapse

www.theguardian.com

 

[Johnny]

This is why tar and feather were handy in the states way back in the day.

 

[FrankPintor]

Pretty bad, it apparently Peña was a shareholder in Ueno Bank and bailed out before the shit hit the fan. It would seem to be typical right-wing insider dealing to me.

Ueno took the lowest commissions on ATM withdrawals with foreign cards.

Paraguay has had huge success in attracting foreign investment over the last few years, I wonder if this will set the country back? Or will it give it a new impulse... lots of construction projects were stalled because of the strong Guarani (raw materials and labour priced in Guaranies, investment money in Dollars, maybe that sounds familiar), which has already lost 8% or so against the Dollar now.

I see lots of rumours about Milei meddling in the affairs of other countries again, with reports of another "extraction".