Paraguay's President Santiago Peña resigns
Paraguay's President Santiago Peña has announced his resignation after a political crisis triggered by the insolvency of Ueno Bank, a bank linked to him. His exit followed a vote in the lower house of congress in favour of pursuing an impeachment trial against him.
Santiago Peña, the president of Paraguay, a country in South America, has announced that he is stepping down. The decision follows a political crisis sparked by the collapse of a financial institution linked to him, Ueno Bank. The crisis began when the bank entered an insolvency process, which froze all of its operations.
Peña announced his decision in a video message on social media. He said he wanted to apologise to the people if at any point he had failed them.
Impeachment vote
The resignation came after the lower house of Paraguay's congress voted in favour of pursuing an impeachment trial against him. Impeachment is a procedure through which a senior official can be removed from office.
What is known about the crisis
According to the report, Ueno Bank is linked to Peña. Its insolvency led to the freezing of all its operations, and this event set off the political crisis in the country.
The BBC says the story is still developing and that more details are expected to be published shortly.
