Paraguay's Pena resigns amid banking scandal

Paraguayan President Santiago Peña resigned on November 5 amid a major political and financial crisis triggered by the collapse of digital lender Ueno Bank. Peña resigned in a video statement to protect social peace and stability just as the Chamber of Deputies prepared to vote on an impeachment motion.

Following his resignation, the lower house voted overwhelmingly to impeach him. The Central Bank of Paraguay seized Ueno Bank after finding a severe capital shortfall and poorly documented loans. The intervention froze the accounts of about 3 million customers and locked up hundreds of millions of dollars in public and pension funds.