Paraguay President Peña resigns under mounting pressure from bank collapse
The bank’s collapse froze about 3 million accounts and pushed lawmakers to launch impeachment proceedings after Peña lost support in his own party.
- 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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In the midst of a banking scandal, Paraguay's President Santiago Peña remains in office against his will.
President Santiago Peña resigned and the parliament accused him. Thousands protest in the capital: "We want your head" . The article Paraguay, seized the Ueno Bank: frozen the savings of 3 million people comes from The Truth.
Paraguay’s leader resigns after bank failure leaves millions without savings
ASUNCIÓN, Paraguay — Paraguay’s president announced his resignation on Thursday after a major bank with close ties to his administration went under, leaving half the country’s population of 6 million without access to their money.
Amid a mass deposit freeze in Paraguay as a major bank enters liquidation proceedings, President Santiago Peña, who is suspected of collusion with the bank, has announced his intention to resign. He played the resignation card preemptively as he faced a crisis with even his ruling party voting in favor of impeachment. (Local time)
Asunción. The president of Paraguay, Santiago Peña, resigned yesterday in the midst of a political and financial storm following the collapse of one of the most important banks in the country; however, Congress decided to go ahead with its political trial without accepting the resignation, which would have guaranteed its constitutional rights, while thousands of people took to the streets to protest for the third consecutive day.
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