Paraguay's president has resigned after a bank collapse froze the savings of nearly half the country.
Paraguay's president has resigned after a bank collapse froze the savings of nearly half the country.
Santiago Peña announced his resignation in a video message on Thursday, saying he was stepping down to protect Paraguay's stability and democratic institutions. Congress voted to impeach him minutes later.
The trigger is the collapse of Ueno Bank, a digital lender claiming more than 60 percent of Paraguay's adults as customers. Its roughly 3 million customers, in a country of 6.5 million, have been unable to reach their money since the central bank seized the lender on Tuesday.
Peña had lost the backing of his own Colorado Party, and protesters had filled the streets of Asunción for three days. Lawmakers accused him of conflicts of interest over his past investment in a company linked to Ueno, which had been administering close to $850 million in public funds.
Vice President Pedro Alliana is in line to succeed him.
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