Banking crisis in Paraguay – President Peña resigns

 

TT-AP

 

Published 17:55 | Updated 18:29

 

Paraguayan President Santiago Peña is resigning. File photo. Photo: Heather Khalifa / AP / TT

Paraguayan President Santiago Peña is stepping down following a major banking crisis in the country.

The crisis was triggered by the collapse of the bank Ueno—which serves approximately 60 percent of the country’s adult population—sending shockwaves through the nation’s financial system.

It has also sparked widespread demonstrations demanding the president’s resignation.

Peña, who was previously a co-owner of the corporate group that controls the bank, resigned voluntarily on Thursday.

He announced the decision in a video posted on X, in which he refers to the country’s “stability” and “democratic institutions.”

“I also want to apologize to everyone I may have disappointed,” he says.