Americas

Paraguay's President Peña Resigns Amid Ueno Bank Collapse

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Paraguayan President Santiago Peña has announced his resignation following a financial and political crisis. Peña had ties to Ueno Bank, a digital lender used by millions of the country's citizens. The bank collapsed, prompting protests and calls to remove Peña from office. He resigned hours before lawmakers voted to impeach him. Paraguay is one of Taiwan's 12 diplomatic allies and the only one in South America. Taiwan's foreign ministry says it is closely monitoring the situation and maintains ties with key members of Paraguay's government, including its Vice President Pedro Alliana, who is set to succeed Peña in office.

Paraguay's President Resigns

REPORTER:  
The president of Taiwan's South American ally Paraguay has resigned after a major financial crisis.

Santiago Peña had ties to a bank called Ueno, which served nearly half of Paraguay's 6.5 million people. That bank collapsed earlier this week, prompting protests. Peña stepped down hours before lawmakers voted to impeach him on charges of dereliction of duty over his connections to Ueno. He denies any wrongdoing. Paraguay is one of Taiwan's 12 diplomatic allies and the only one in South America.

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Paraguay's President Resigns After Ueno Bank Collapse

REPORTER:  
The president of Taiwan's South American ally Paraguay has announced his resignation after a major financial crisis.

Now-former president Santiago Peña had ties to a bank called Ueno, which served nearly half of Paraguay's 6.5 million people. That bank collapsed, prompting protests, and Peña stepped down hours before lawmakers voted to impeach him. He denies any wrongdoing. Paraguay is one of Taiwan's 12 diplomatic allies and the only one in South America. Taiwan's foreign ministry says it is monitoring the situation and remains in contact with key members of Paraguay's government, including Vice President Pedro Alliana, who is next in line for succession.