🇵🇾 BREAKING! Paraguayan President Santiago Peña has resigned over the Ueno Bank collapse.

🇵🇾 BREAKING! Paraguayan President Santiago Peña has resigned over the Ueno Bank collapse.

In a video posted on X, Peña said he was stepping down for the country's stability, social peace and democratic institutions, and apologized "if at any moment I have failed." The announcement came as Congress debated his impeachment, and after he lost the backing of his own Colorado Party, whose leader Horacio Cartes supported the impeachment.

Peña, a former central banker and finance minister, took office in 2023 as the protégé of Cartes, a former president and tobacco tycoon.

An ally of Trump, Peña was also one of Israel's staunchest backers in South America. In 2024, he reopened Paraguay's embassy in Jerusalem, the first country to make the move since October 7, and Netanyahu called him "my good friend." In 2025, he designated Iran's Islamic Revolutionary Guard Corps as a terrorist organization and extended the label to all of Hamas and Hezbollah, including their political wings, a decision Washington and Israel praised. Paraguay also remains one of the few countries that recognize Taiwan.

Congress must still decide whether to accept the resignation. Vice President Pedro Alliana, who also faces impeachment charges, is set to replace him.

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