After millions' savings were blocked, President Santiago Peña chose to leave power. The political and economic turbulence in Paraguay has reached an unprecedented level, with millions of citizens facing the most severe consequences of a banking crisis. When the digital bank Ueno Bank, under the administration of the leftist president Santiago Peña, experienced rapid growth from its role as a black fintech enterprise until becoming one of the largest banks in the country, it led to a series of government decisions that were not bold enough and a significant decline in the stability of the country's banking system.

It began in 2021 when the bank reached around 60% of Paraguay's adult population as clients. However, this development was accompanied by high costs; the Central Bank of the Republic had ordered Ueno Bank to be liquidated for insolvency only the previous evening, blocking deposits of 3 million customers. This decision has caused great protests and demands for impeachment against Peña.

President Peña, who took office in August 2023, has faced increasing pressure after the crisis that occurred. In his resignation statement, Péna recalled the stability of the country, social peace, and the need to preserve the main democratic institutions. He also mentioned that he would guarantee the return of lost funds due to the crater, adequate public reserve security, and protection of public funds.

The crisis not only affected the economy but also led to a loss of trust between the population. The protests have transformed into a movement that requires the government to take responsibility and transparency. The legislature unanimously voted on Thursday to launch impeachment proceedings against Péna, accusing him of conflicts of interest, improper use of pension reserves, and institutional cover involved in the fall of Ueno Bank.

In contrast to the support from his conservative party members, Peña continues to be involved in ensuring the safety of public foundations and preserving democracy. As a response to the crisis, the central embassy intervened in Ueno Bank, causing a reaction that left around 3 million customers of the bank without access to their accounts. The situation highlights the important impact of financial instabilities on the daily lives of citizens and underscores the need for structured regulatory frameworks and transparent judicial mechanisms.