Paraguay President Resigns After Digital Bank Collapse

Paraguay's president Santiago Peña announced Thursday that he is resigning from office, following mounting public criticism and calls for his impeachment. The move comes in the wake of the collapse of Uanó, a major digital bank in the country, which has triggered a far-reaching economic and political crisis.

"I address you at one of the most difficult moments of my life, with my heart devoted to Paraguay, and with the firm conviction that our country must always stand above any individual or circumstance," Peña said in a statement to the media. "History will take care of judging and placing in proper proportion the events we are forced to experience today."

Peña stated that he is "leaving my position with consideration for the stability of our country, social peace, and the need to preserve our democratic institutions. I do this out of absolute respect for our national constitution and for the institutional and democratic mechanisms we have established for ourselves as a nation. I am convinced that no position can be above the welfare of Paraguay."

The president addressed the economic crisis and the digital bank's collapse, which has left millions of customers without access to their accounts. "Today, I have only one priority before my eyes: the peace of mind of Paraguay's citizens who deposited their savings in our financial system," he said. "Behind every deposit stand years of effort, sacrifice, and family plans. My greatest desire is to ensure the return of these resources, to make certain that the deposit insurance fund fulfills its purpose, and to protect the public funds and resources belonging to all citizens of Paraguay."

"Today we must prove, once again, that democracy is respected, that institutions are preserved, and that Paraguay stands above our disputes," he concluded. "No position is more important than the stability of the state, and no individual is above Paraguay. I thank you for your trust, for every moment I experienced, and for granting me the honor of serving this great nation."