Paraguay’s Peña resigns over ueno bank collapse; lower house impeaches him minutes later
Paraguay’s President Santiago Peña announced his resignation on Thursday in a video posted on X, amid the collapse of digital lender ueno bank. Minutes later the Chamber of Deputies voted 78-0 to impeach him. Vice President Pedro Alliana is expected to succeed him; the Senate still has to act.
Paraguay’s President Santiago Peña said on Thursday, 5 November, that he was resigning, in a video message posted on X from the seat of government. "I have taken the decision to present my resignation from the presidency of the Republic. I do so thinking of the stability of our country, social peace and the need to preserve our democratic institutions," he said, according to the transcript carried by Clarín and ABC Color. He also apologised if he had failed the public and said his priority was the return of savings frozen in the banking crisis.
Minutes after the announcement, the Chamber of Deputies voted unanimously, 78-0, to open impeachment proceedings against him, AP reported. Under Paraguay’s constitution a presidential resignation needs congressional approval. Lawmakers from Peña’s own Colorado Party backed the impeachment path rather than simply accepting the resignation, so that he would not retain lifelong Senate immunity, El País and ABC Color reported. The Senate must still decide.
Vice President Pedro Alliana is expected to take over and complete the term that runs until 15 August 2028 if the succession is completed. The crisis began on Tuesday when the Banco Central del Paraguay put ueno bank into resolution after its solvency ratio fell below half the legal minimum. The bank has about 3 million customers — roughly 60% of Paraguay’s adults — and has managed about $800–850 million in public-sector funds, including some $380 million from the IPS pension fund, AP and ABC Color reported. Peña held shares in the controlling group until 2025.
Protests over frozen deposits have continued in Asunción. Central bank chief Carlos Carvallo resigned earlier in the week and prosecutors detained eight ueno executives. For the bank takeover and detentions, see our earlier report: https://todaynewsbrief.com/article/business-paraguay-seizes-ueno-bank-central-bank-chief-quits-executives-detained