Business

‘Very strange, very sad’: Paraguay bank collapse fells a presidency and leaves millions broke

Santiago Peña’s links to Ueno Bank scrutinized after crisis led to his house arrest and froze millions of bank accounts Pedro Volpe had just woken up last Tuesday when he saw a message from a friend asking whether his bank account was down, too.

✦ Extractive summary — built from the sources' own reporting•From 2 sources•1 min read•Updated November 7, 2026, 11:00 AM UTC

Paraguay moves ex-President Santiago Pena to military base for protection after dramatic day in Asuncion.

It was a day after payday, and Volpe, 50, a writer and lawyer, opened his banking app and panicked: he could not even see his balance.

How this summary was made: extractive summary — built from the sources' own reporting. It is drawn only from the reporting of the sources listed below — read the originals for full detail. How we summarize →

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Every article behind this summary — 2 articles from 2 outlets