Paraguay President Peña resigns under mounting pressure from bank collapse
The move follows a bank seizure that froze millions of accounts and sparked protests, while lawmakers said 35 deputies filed the impeachment request.
- 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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After the supervision of Ueno Bank, which has nearly 3 million customers and held shares until last year, conservative leader Santiago Peña presented his resignation, which Parliament could not endorse due to lack of quorum.The Senate opens on Friday his trial in dispossession Paraguay's president, Santiago Peña, was preparing for his trial in dispossession on Friday, following a banking scandal affecting millions of savers, and which mobilized …
The institution associated with the Head of State has received considerable funds from State structures, notes CNN.
Malay Mail
AlKhaleej TodayParaguay president quits as Ueno Bank crisis sparks protests, impeachment proceedings
ASUNCION, Nov 6 — Paraguayan President Santiago Pena announced his resignation over a banking crisis on Thursday, minutes before lawmakers voted to launch impeachment...
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