Paraguay President Peña resigns under mounting pressure from bank collapse
- 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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591 Articles
Before his fulminating political collapse, Santiago Peña was a kind of model politician, a spoiled figure of the Latin American right. Because Peña had achieved a...
Paraguayan President Santiago Peña announced that he will participate in his impeachment trial.
The President of Paraguay, Santiago Peña, announced his resignation on Thursday, in the aftermath of a scandal in the country's banking sector....
Paraguay President Pledges to Defend Himself Before Congress
Paraguay’s Santiago Peña tenders his resignation, but Congress presses ahead with impeachment
Paraguayan President Santiago Peña tendered his resignation on Thursday, cornered by the collapse of Ueno Bank, but minutes later the Chamber of Deputies unanimously voted to impeach him, in an attempt to prevent him from taking up a lifetime Senate seat with immunity from prosecution once he leaves office. The final decision rests with the Senate.
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