Paraguay’s Peña Resigns Amid Ueno Bank Collapse

Paraguayan President Santiago Peña announced his resignation on November 5 as the collapse of Ueno Bank left about 3 million customers unable to access their accounts. The central bank has begun limited guarantee payments, while Congress had not yet decided whether to accept Peña’s resignation and the Senate had not decided whether to hold an impeachment trial. In a video address, Peña said he was stepping down to protect the country’s stability, social peace and democratic institutions, and to help safeguard depositors’ savings and public resources. His announcement came as lawmakers considered impeachment charges over alleged conflicts of interest, misuse of pension funds and institutional coverups connected to the bank’s collapse. Peña has denied wrongdoing and said the controversy began as a regulatory matter before becoming political. The Chamber of Deputies voted 78-0 on November 5 to approve impeachment charges against Peña and send them to the Senate. The vote was separate from the process for accepting his resignation. Vice President Pedro Alliana would serve the remainder of Peña’s term if Congress accepts it; the handover had not been completed as of November 5. The...