Paraguay's President Santiago Pena resigns amid a bank crisis that froze millions of customers' accounts and sparked protests

Paraguay's President Santiago Pena has resigned amid a crisis over his ties to collapsed lender Ueno. Millions of customers' accounts are frozen, with public pension and health care funds also tied up. Paraguayan President Santiago Pena resigned Thursday under mounting pressure over the collapse of digital lender Ueno, as lawmakers debated his removal from office.

The bank's accounts, also used to process pension payments, are frozen, leaving millions of customers unable to access their money. Ueno also held hundreds of millions of dollars in public funds. Pena's resignation followed the withdrawal of support by Congress President Basilio Nunez and ruling conservative Colorado Party leader Horacio Cartes.

Thirty-five opposition lawmakers and ruling-party dissidents had submitted impeachment articles in the 80-seat Chamber of Deputies, accusing Pena of conflicts of interest, misuse of pension funds and institutional cover-ups linked to Ueno. Pena sold his shares in Ueno Holding, whose businesses include the bank, in April 2025.