A Bank Fails in Paraguay, and Its President Could Lose His Job
This week, about three million people in Paraguay opened their bank app and their money was stuck. Sam and Leah explain why. A bank lends out some of the money people save, so bank checkers make sure it always keeps enough to give back. Paraguay's bank checkers found a bank called ueno had lent lots of money to companies linked to its own owners and ran short. Most customers are being paid back. Critics say President Santiago Peña helped the bank, which he denies, and Congress is now deciding whether to remove him.
Show notes
In this episode
- 0:01 Opening
- 0:19 A bank fails in Paraguay, and its president could lose his job
- 4:05 Recap and outro
Sources and context
- A bank fails in Paraguay, and its president could lose his job: AP — Report on the ueno bank collapse, President Peña’s offer to resign and his impeachment and BBC News — Report on President Peña’s resignation offer and the impeachment vote and Reuters — Report on President Peña’s resignation offer under pressure over the bank collapse and Reuters — Explainer on ueno bank and how it set off Paraguay’s political crisis and Paraguay Library and Archive of Congress — Constitution of Paraguay (Spanish)
