Paraguay President Peña resigns under mounting pressure from bank collapse
Lawmakers moved to impeach him after regulators seized the bank, froze millions of accounts and detained eight senior executives.
- On Thursday, Paraguayan President Santiago Peña resigned in a video address, stating he acted "with the stability of our country, social peace and the need to preserve our democratic institutions in mind."
- The crisis erupted after Paraguay's central bank seized Ueno on Tuesday, discovering solvency ratios below 50% and risky insider lending tied to the bank's owners, while lawmakers accused Peña of conflicts of interest.
- Ueno held nearly $800 million in public funds, including state pension and health money, affecting about three million customers locked out of accounts; authorities detained eight bank executives including founder Miguel Vázquez.
- Minutes after his announcement, Congress voted unanimously 78-0 to impeach Peña, sending charges to the Senate; Vice President Pedro Alliana is expected to serve until August 2028.
- Thousands of citizens protested for three days demanding their money and calling Peña "the enemy of savers," as the collapse of Ueno shatters Paraguay's reputation for financial stability.
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Paraguay's president resigns after Ueno Bank collapse freezes millions of customers' funds
The collapse of Paraguay's Ueno Bank froze customers' savings, pensions and wages, sparking protests, investigations and impeachment proceedings that led President Santiago Peña to resign.
Bank Collapse, Public Fury And Impeachment: How Paraguay President Santiago Pena's Government Fell Into Crisis
Paraguay's lower house voted unanimously Thursday to impeach President Santiago Pena just minutes after he announced his resignation, as the collapse of a major digital bank tied to his government froze millions of people's savings, sent protesters surging into the streets
Paraguay's President Santiago Peña announced his resignation on Thursday, following a banking scandal that degenerated into a political crisis, when MEPs were debating a procedure for his dismissal, AFP reports.
Today, Thursday, the President of Paraguay, Santiago Peña, announced his resignation, against the backdrop of a banking crisis that erupted following the collapse of the Bank of Ueno, which provoked popular protests and growing political pressure to abandon him.
Today, the lower house of the Paraguayan Parliament unanimously initiated the procedure to remove President Santiago Peña (47), although he announced that he resigned due to the failure of a large bank with which he is connected.
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