Details

As a result of the restructuring or liquidation of the institution, the savings of thousands of customers were frozen.

Peña announced his resignation during the consideration by MPs of charges brought by 35 opposition parliamentarians and representatives of the ruling party who opposed the president. They proposed to remove him from office, accusing him of “serious and systematic neglect of duties” in connection with the crisis around the bank.

Context

After the intervention of the authorities, long queues and street protests were formed near the bank for two days.

Peña took office in August 2023 for a five-year term, becoming one of the youngest presidents in Paraguay's history at 44. He is one of US President Trump's closest allies, sharing his political priorities, particularly on immigration and security.

What's next

Shortly after the President's statement, the Chamber of Deputies unanimously voted to initiate the impeachment procedure. It is now up to the Senate to decide whether to continue it. Both houses of Congress also had to meet in joint session to consider Peña's resignation.