Paraguayan President Santiago Peña has resigned from office following the overnight collapse of Ueno Bank, which held the savings of nearly half the country's population.
According to Reuters, the bank's sudden failure has left three million customers unable to access their accounts in a nation of 6.5 million people.
Financial regulators placed Ueno Bank under resolution procedures following a severe capital shortfall that left the institution unable to maintain its financial obligations.
Peña, who held shares in Ueno Bank's parent company, announced his departure amidst severe public pressure and mounting financial turmoil across the country.
In his statement, Peña said, "I do so with the stability of our country, social peace…in mind," addressing the worsening crisis caused by the shutdown.
The collapse has ignited major public outrage in Paraguay, with millions of citizens expressing deep uncertainty over whether their personal savings will be recovered.
Source: Reuters
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