The President of Paraguay resigned after a banking crisis affecting the entire country

Paraguayan President Santiago Peña announced his resignation amid a political crisis triggered by the collapse of Ueno Bank, where he was a shareholder until last year. The bank's insolvency led to public protests as citizens lost access to their accounts, including pensions. Opposition parties accused Peña of conflicts of interest and misconduct. He stated that the country needs stability and protection of democratic institutions. The crisis also involves Hungarian bank OTP, which invested $47 million in Ueno Bank, acquiring nearly 10% ownership. OTP clarified it acted solely as a financial investor and emphasized the loss is minor compared to its overall capital.