Paraguayan president resigns following bank collapse

Paraguayan president resigns following bank collapse on Thursday. This file photo taken on April 30, 2023 shows Santiago Pena at a polling station prior to his presidency in Asuncion, capital of Paraguay. [Photo/Xinhua]

Paraguayan President Santiago Pena announced his resignation Thursday morning amid mounting pressure over the collapse of digital lender Ueno Bank, which left millions of customers unable to access their accounts and triggered a political crisis, as lawmakers debated impeachment proceedings against him.

"I have decided to resign as president of the republic," Pena said in a video posted on X, citing the need to safeguard national stability, social peace and democratic institutions.