Paraguay President Santiago Peña Resigns Amid Bank Collapse Crisis

OPA WIRE, Nov 5 (OPA) — Paraguayan President Santiago Peña announced his resignation on social media, bowing to mounting pressure after the collapse of Ueno Bank plunged the nation into political turmoil. The financial institution entered an insolvency process this week, freezing all operations and sparking widespread street protests as millions found themselves unable to access their accounts.

"I want to apologise to the people if at any point I failed," Peña said in a video message posted on X. "It was never my intention to betray the trust you placed in me." He stated that his departure was intended to protect national stability, social peace, and democratic institutions following the sudden freeze of public funds and pensions held by the bank.

Lawmakers had accused Peña of severe misconduct and conflicts of interest. The president was a shareholder until last year in the corporate entity that owned Ueno Bank. The political crisis escalated rapidly after opposition legislators filed formal impeachment requests, culminating in Paraguay's lower house of congress voting to move forward with the trial.

Peña assumed office after winning the 2023 presidential election under the banner of the ruling conservative Colorado Party, defeating his centre-left challenger. The immediate succession process remains unclear as the legislative branch prepares to address the leadership vacuum left by his abrupt departure.