Paraguay's President Santiago Peña resigns and is impeached the same day over the Ueno Bank collapse

5 November 2026

Paraguay's President Santiago Peña announced his resignation on Thursday after the collapse of a bank he had held shares in. He said in a video message on social media that he was sorry if he had at any point failed the people, and said earlier that stepping down was to protect stability, social peace and democratic institutions. His resignation came as the lower house of Congress voted in favour of pursuing an impeachment trial, and Congress, which must approve a president's resignation, adjourned the special session called on it in favour of continuing with the impeachment process. Peña said he would appear for the Senate proceedings to exercise his right to a defence. The crisis began when Ueno Bank, a digital lender holding pensions and some other public funds, entered an insolvency process that froze all operations and left millions unable to reach their accounts; the central bank then seized it. The bank has said it has about three million customers, about 60% of Paraguay's adult population. The central bank has since been given a new president, and Congress has cleared the procedure for paying depositors back. Peña won election in 2023 for the ruling conservative Colorado Party, and Vice President Pedro Alliana is next in line for the presidency.