Santiago Peña resigns as Paraguay President following bank collapse

Paraguayan President Santiago Peña has officially announced his resignation from office, a move triggered by a deepening political crisis and the catastrophic insolvency of Ueno Bank. The decision follows a period of intense public pressure and widespread protests as the nation grapples with the fallout from the financial institution's collapse, which has impacted millions of customers. President Peña’s departure comes just as he faced an impending impeachment trial in Congress, where he was also being scrutinised for alleged conflicts of interest tied to the bank's operations. In a statement shared via social media, Peña expressed his remorse to the Paraguayan public, acknowledging the turmoil that has gripped the country. He stated that his resignation is an effort to maintain national stability and prevent further civil unrest. Despite his resignation, the political process remains complex; the country’s Congress is now tasked with formally deciding on the resignation while simultaneously managing the ongoing impeachment proceedings. Peña is still expected to appear before a special session of the legislature to defend his actions and address the accusations brought against him. The insolvency of Ueno Bank has sent shockwaves through Paraguay’s financial system, prompting the government to restructure the Central Bank to manage the economic fallout. The crisis has not only damaged public trust in the financial sector but has also highlighted systemic vulnerabilities that protesters claim were exacerbated by the administration's conduct. As the transition of power begins, the primary focus for the legislative body and interim leadership will be stabilizing the economy and restoring order following one of the most significant political upheavals in the country's recent history.