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Paraguay President Peña resigns as lower house moves to impeach him over bank collapse

By ChordNews · First written (new coverage , updated )

Paraguay’s President Pena resigns as bank collapse sparks crisis
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Summary

Paraguayan President Santiago Peña resigned on Thursday, November 5, as the collapse of the digital lender ueno froze millions of customers' access to their accounts and sparked protests. Opposition lawmakers had pressed ahead with efforts to impeach him since Wednesday, November 4, blaming him for the crisis. The South China Morning Post reported that Peña lost support within his own Colorado Party and stepped down hours before lawmakers moved ahead with impeachment proceedings. France 24 and NPR reported that the lower house voted to impeach him minutes after he announced his resignation, while the BBC reported that the resignation followed the lower house's vote in favour of pursuing an impeachment trial, so accounts differ on the order of events. Al Jazeera described Peña as a Trump ally. The Straits Times said the crisis has undermined Paraguay's hard-won reputation as a stable destination for foreign investment.

This continues an earlier story: Paraguay seizes major digital bank tied to president as central bank chief resigns

Later: Paraguay's president faces possible criminal investigation as bank collapse triggers political turmoil · Paraguay's President Peña resigns after ueno bank collapse locks customers out of their money · Ueno Bank Scandal Brings Down Paraguay's Economist President Santiago Peña · Paraguay's President Santiago Peña leaves office amid Ueno Bank collapse · Paraguay swears in Pedro Alliana as president as Peña is placed under house arrest · Ueno Bank collapse: Bloomberg reports IDB flagged warning signs in 2025, before the failure shook Paraguay · Paraguay's leadership in limbo as impeachment trial against the president starts · Paraguay's Senate removes President Peña over bank collapse; he is placed under house arrest

Timeline

  1. Straits Times

    Source ↗

    The Straits Times reports that Paraguay's political crisis deepened on Wednesday as opposition lawmakers pressed ahead with efforts to impeach President Santiago Peña, whom they blame for the collapse of digital lender ueno.

  2. Straits Times

    Source ↗

    The Straits Times reports that Congress on Thursday began the process of seeking President Santiago Peña's removal, following the collapse of digital lender ueno, which has led to protests and calls for his resignation.

  3. Straits Times

    Source ↗

    The Straits Times reports that Peña resigned under mounting pressure from the bank collapse, which has undermined Paraguay's reputation as a stable destination for foreign investment.

  4. South China Morning Post

    Source ↗

    The South China Morning Post reports that Peña resigned on Thursday after losing support within his Colorado Party and stepping down hours before lawmakers moved ahead with impeachment proceedings.

  5. Al Jazeera

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    Al Jazeera reports that Peña, a Trump ally, resigned after facing an impeachment motion and protests following the collapse of digital lender ueno.

  6. BBC

    Source ↗

    The BBC reports that Peña resigned after the bank collapse, following the lower house of congress voting in favour of pursuing an impeachment trial against him.

  7. France 24

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    France 24 reports that the lower house voted unanimously to impeach Peña minutes after he announced his resignation on X, amid protests over a bank linked to him blocking millions of people from their money.

  8. NPR

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    NPR reports that lawmakers voted to impeach Peña minutes after his resignation, as the collapse of a digital bank tied to his government froze millions of people's savings.

  9. Straits Times

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    The Straits Times explainer reports that Peña resigned on November 5 following the collapse of ueno, the bank at the centre of the political crisis.

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