# Paraguay President Resigns, Congress Rejects

> Paraguay's president resigns but Congress rejects his resignation, pushing impeachment proceedings.
- Title: Paraguay President Resigns, Congress Rejects | Shortify
- Summary: Paraguay's president resigns but Congress rejects his resignation, pushing impeachment proceedings.
- Keywords: paraguay, santiago pena, president, resignation, congress, impeachment, financial crisis, banking system, ueno bank, insolvency, Premium Times Nigeria
- Source: Premium Times Nigeria — https://premiumtimesng.com/foreign/923148-paraguays-president-resigns-but-congress-rejects-his-resignation.html
- Author: Beloved John
- Published: 2026-11-06T11:29:46+00:00
- Read time: 1 min
- Topics: paraguay, santiago pena, president, resignation, congress, impeachment, financial crisis, banking system, ueno bank, insolvency, news, politics
## Paraguay President Resigns
Paraguay's President Santiago Peña announced his resignation after a political and financial crisis collapsed the country's banking system.
## Congress Rejects Resignation
Congress rejected Peña's resignation with the lower house voting 78-0 to impeach him and the Senate opening impeachment proceedings.
## Resignation Reason
Peña said he resigned to protect stability, social peace, and democratic institutions.
## Financial Crisis
Ueno Bank, Paraguay's largest lender serving 60 percent of the population, entered insolvency after Grupo Vázquez purchased it in 2021.
## Bank Collapse Impact
The bank's collapse froze deposits for 3 million customers, disrupting access to food and basic daily expenses.
## Protests and Arrests
Bank executives were arrested, and massive protests erupted as citizens took to the streets.
## Political Accusations
Lawmakers and opposition groups accused Peña of misconduct, but he vehemently rejected these allegations.
## Resignation Benefits
Had Peña's resignation been accepted, he would have become a senator for life with legal immunity from prosecution.
## Impeachment Proceedings
Peña will face Senate impeachment proceedings to exercise his 'right to a defence' and provide information to citizens.
## Presidential Background
Peña was a shareholder in Grupo Vázquez until last year, the company that purchased Ueno Bank in 2021.
## Bank Insolvency Details
The central bank ordered Ueno into resolution over insolvency, freezing deposits of 3 million customers.
## Current Status
Peña remains president and will face impeachment proceedings after Congress rejected his resignation.
## Key takeaway

Paraguay's President Santiago Peña resigned to protect stability but Congress rejected his resignation, leading to impeachment proceedings.