From MercoPress · · 50s
Paraguay President Resigns Amid Impeachment Push
Paraguayan president Santiago Peña resigns as Congress moves to impeach him over Ueno Bank crisis.
In brief
Paraguayan president Santiago Peña resigns as Congress moves to impeach him over Ueno Bank crisis. Paraguay's president Santiago Peña tendered resignation after Ueno Bank collapse but Congress impeached him to prevent lifetime Senate seat. Originally reported by MercoPress.
Resignation Announcement
Paraguayan president Santiago Peña tendered resignation after Ueno Bank collapse.
“I have decided to submit my resignation from the Presidency of the Republic. I do so with the stability of our country, social peace and the need to preserve our democratic institutions”
Congress Moves to Impeach
Congress voted to impeach Peña to prevent him from taking a lifetime Senate seat with immunity.
Ueno Bank Crisis
Central Bank took over Ueno Bank over insolvency and irregular loans to Vázquez Group.
Frozen Deposits
Paraguay froze deposits including hundreds of millions of dollars of public and pension funds.
Political Backing Shift
Former President Horacio Cartes endorsed impeachment over public and pension fund plundering.
“We will not side with the plundering of public and private funds and of pensioners”
Impeachment Process
Senate needs two-thirds majority to remove Peña from office through impeachment.
The short version
Paraguay's president Santiago Peña tendered resignation after Ueno Bank collapse but Congress impeached him to prevent lifetime Senate seat.
