Breaking: Paraguay President Resigns After Major Collapse, "I Failed"
- Paraguay President Santiago Peña announced his resignation after the country's lower house of Congress voted to pursue an impeachment trial against him
- The crisis began when Ueno Bank, a financial institution linked to Peña, collapsed and froze operations, leaving millions unable to access their accounts
- Lawmakers accused Peña of conflicts of interest, citing his past shareholding in the company that owned the failed bank
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Paraguay's President Santiago Peña has stepped down from office following a deepening political crisis triggered by the collapse of a bank he was previously linked to as a shareholder.
In a video message posted on X, Peña said he was resigning to protect the country's stability and its democratic institutions, a day after opposition lawmakers formally requested his impeachment and Paraguay's lower house of Congress voted to begin those proceedings.
Source: Twitter
"I want to apologise to the people if at any point I failed," he said. "It was never my intention to betray the trust you placed in me."
Bank collapse sparked the political crisis
BBC reported that the unravelling of Peña's presidency began when Ueno Bank entered insolvency and suspended all operations. The bank held pension funds and certain public funds, meaning its collapse left millions of Paraguayans unable to access their money. Widespread street protests followed, with demonstrators demanding that Peña leave office.
Lawmakers moved quickly to scrutinise his ties to the institution. Peña had held shares in the company that owned the bank until last year, and legislators accused him of conflicts of interest and misconduct in relation to that connection.
Peña, who took office in 2023 after winning the presidential election as the candidate of Paraguay's long-ruling Colorado Party, described his decision to resign as a measure to preserve social peace in the country rather than allow a prolonged constitutional battle to destabilise the nation.
Impeachment vote preceded resignation
The move to remove him through formal channels was set in motion when opposition members of congress requested his impeachment. The lower house subsequently voted in favour of pursuing a trial, a development that appeared to accelerate Peña's decision to announce his departure voluntarily.
His administration had faced mounting pressure from both the streets and the legislature since Ueno Bank's insolvency became public. The institution's failure, and its links to public savings and pension contributions, made the crisis deeply personal for large numbers of Paraguayans.
See the video of the president announcing his resignation on X here:
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Source: Legit.ng
