Paraguay President Santiago Peña Resigns Amid Banking Crisis

Paraguayan President Santiago Peña announced his resignation in a recorded address following a financial crisis involving Ueno Bank. The Central Bank of Paraguay intervened in the private institution on November 3, citing significant solvency issues, poor asset quality, and unauthorized lending practices. The collapse has left numerous customers unable to access their savings and raised concerns regarding the management of public funds, including those from the Social Security Institute.

Peña’s decision followed mounting political pressure, including calls for impeachment from opposition leaders and a demand for his departure from the president of Congress, Basilio Núñez. While Peña stated his resignation was intended to preserve national stability, the Chamber of Deputies subsequently voted unanimously to approve an accusation of misconduct against him. The Senate is now tasked with determining the status of the impeachment proceedings and formally addressing the resignation. If the resignation is accepted, Vice President Pedro Alliana is expected to assume the presidency.