Paraguay's President Santiago Peña Resigns Amid Bank Crisis

Santiago Peña resigned as President of Paraguay on November 5, following public outrage over the collapse of Ueno Bank, a significant digital lender with which he had prior business connections. His resignation came as opposition lawmakers and members of his ruling Colorado Party sought to impeach him, citing conflicts of interest and financial mismanagement.

The lower house voted unanimously, 78-0, to approve impeachment charges against him shortly after his resignation announcement. Peña stated his resignation aimed to protect national stability and democratic institutions, while also apologizing to the public without accepting responsibility for the bank's failure.

He emphasized the need for depositors to recover their savings and urged authorities to ensure the protection of public resources. His resignation followed a withdrawal of support from key figures in the Colorado Party, including former president Horacio Cartes.

Vice President Pedro Alliana is expected to succeed Peña, pending the constitutional process.