Santiago Pena resigns amid Ueno Bank crisis in Paraguay

Santiago Pena announced his resignation as President of Paraguay after the Central Bank took control of Ueno Bank, which had blocked access to funds for approximately three million depositors. The takeover occurred due to a severe capital shortfall, prompting widespread protests in Asuncion.

Opposition lawmakers initiated impeachment proceedings against Pena, accusing him of favoritism towards the bank. In a video statement, Pena expressed regret for any failures and emphasized his concern for the depositors' peace of mind.

He had previously owned shares in a group controlling Ueno Bank but sold them last year. The ruling Colorado Party supported his removal amid the crisis.

Pena attempted to mitigate the situation by requesting the resignation of Central Bank president Carlos Carvallo and enacting a law to expedite fund returns to depositors, but these actions failed to quell public anger. Vice President Pedro Alliana is set to succeed Pena as president.