Paraguay's Rightwing President Steps Down as Banking Crisis Unravels
Santiago Peña resigns amid a financial collapse that saw Ueno Bank swell then crash, while the Bank of England raises rates for the first time in three years.
For many voters, the resignation of Santiago Peña, the rightwing president of Paraguay, signals a loss of confidence in the leadership that oversaw the crisis.
The political and financial crisis that collapsed Paraguay's banking system placed Ueno Bank at its centre; under Peña, the once‑obscure digital bank was authorised to drastically expand operations, claimed to serve about 60% of the adult population, and then imploded.
Meanwhile, the Bank of England raised its rate for the first time in three years, noting that a sharp decline in energy prices after the U.S. midterm elections could limit further hikes if the trend continues.
Original reporting
The Washington Times
BoE hikes rate for first time in 3 years; retreating oil prices may allow for more options ahead
The Bank of England indicated Thursday that the sharp decline in energy prices after the U.S. midterm elections - if sustained - could limit the prospect of further interest rate hikes in the coming months.
Read the original →The Guardian
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 Paraguay’s rightwing president, Santiago Peña, resigned on Thursday after a political and financial crisis collapsed the South American country’s banking system in recent days. At the centre of the crisis is Ueno Bank, which in just a few years under Peña went from an obscure digital bank to one of the country’s largest lenders, claiming to have about 60% of Paraguay’s adult population as customers. Continue reading...
Read the original →
Facts this version was allowed to use
- Santiago Peña was the rightwing president of Paraguay.
- Santiago Peña resigned on Thursday.
- A political and financial crisis collapsed Paraguay's banking system in recent days.
- Ueno Bank is at the centre of the crisis.
- Under Peña, Ueno Bank went from an obscure digital bank to one of Paraguay's largest lenders in just a few years.
- Ueno Bank claimed to have about 60% of Paraguay's adult population as customers.
- Peña's rightwing administration had authorised Ueno Bank to drastically expand operations before its collapse.
- The Bank of England indicated on Thursday that the sharp decline in energy prices after the U.S. midterm elections could limit the prospect of further interest rate hikes in the coming months, if the decline is sustained.
- The Bank of England raised its rate for the first time in three years.
- The Bank of England's rate increase was its first in three years.
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