Paraguay’s president under house arrest after bank collapse

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According to CBS News, Paraguay's President Santiago Peña was placed under house arrest on Friday following the collapse of Ueno Bank, which locked nearly half the country's population out of their accounts. The Paraguayan Senate voted to remove Peña from office, citing charges of breach of trust, influence peddling, and using public office for personal gain, which could carry up to 10 years in prison. Lawmakers accuse him of steering hundreds of millions of dollars in public funds into Ueno while regulators overlooked risky lending. Peña has denied any wrongdoing. The collapse of the digital lender, which served over one million customers, has triggered a major political crisis, causing the national currency to slide and impacting emerging market bonds. The Central Bank of Paraguay insists the collapse is an isolated case and notes that deposits up to $35,000 are insured.