Paraguay President Santiago Peña resigns after bank collapse
The move follows a bank collapse and after the lower house of congress voted in favour of pursuing an impeachment trial against him.
Paraguay's President Santiago Peña resigned on November 5 amid a banking collapse that threatened the country's financial stability. The Central Bank intervened in Ueno Bank, one of Paraguay's leading digital banks, after detecting serious irregularities and financial problems. Millions of customers temporarily lost access to their accounts as the government faced impeachment proceedings.
Peña, who took office in August 2023, cited the need to protect depositors and stabilize the country's institutions. He apologized to citizens for not meeting their expectations during his tenure. The collapse, linked to Peña's business ties to the bank, raised concerns about financial oversight and political influence.
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- Paraguay President Santiago Peña impeached after Ueno Bank collapse freezes millions in savings, sparks protests livemint.com
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- Paraguay's President Santiago Pena resigns amid banking scandal batimes.com.ar
- Paraguay President Pena resigns in wake of bank collapse aljazeera.com
