By Zoila Palma: Paraguayan President Santiago Peña has announced his resignation amid a financial scandal surrounding Ueno Bank, which was shut down following a solvency crisis that left millions of customers unable to access their money.
Today, Peña announced his decision saying it was intended to protect the country’s stability, social peace and public institutions.
In a statement posted on social media, Peña said his priority was the security of Paraguayans who had entrusted their savings to the country’s financial system.
He also apologized to the public, acknowledging that history would ultimately judge the events surrounding his administration. Peña took office in August 2023 for a five-year term, CNN reports.
Shortly after his resignation announcement, Paraguay’s Chamber of Deputies unanimously voted to initiate impeachment proceedings against him during a special session.
The charges were brought by 35 opposition lawmakers and members of the ruling party, who accused the president of alleged serious and systematic dereliction of duty. The Senate will determine whether the impeachment proceedings advance or whether to accept his resignation.
The controversy erupted following the intervention of Ueno Bank, a private financial institution to which Peña has been linked and which reportedly received millions of dollars in public funds during his administration. Among the institutions that placed funds with the bank was the Social Security Institute (IPS), which manages pensions for most Paraguayan workers.
Paraguay’s Central Bank reported that Ueno Bank’s solvency ratio had fallen below 50 percent of the required minimum following adjustments to its financial statements during a regularization process.
The bank serves approximately 2.9 million customers in a country of 6.1 million people, and its closure resulted in thousands of customers having their savings frozen.
The post International News: Paraguayan President Santiago Peña resigns amid banking crisis appeared first on Belize News and Opinion on www.breakingbelizenews.com.
By Zoila Palma: Paraguayan President Santiago Peña has announced his resignation amid a financial scandal surrounding Ueno Bank, which was shut down following a solvency crisis that left millions of customers unable to access their money. Today, Peña announced his decision saying it was intended to protect the country’s stability, social peace and public institutions.
The post International News: Paraguayan President Santiago Peña resigns amid banking crisis appeared first on Belize News and Opinion on www.breakingbelizenews.com.
