Paraguayan President Resigns Amid Major Banking Collapse

Paraguayan President Santiago Peña stepped down from his post on Thursday following the collapse of Owino Bank, an institution with which he had business ties. The financial crisis left roughly half of the country's population unable to access their savings, fueling public unrest and political pressure. In a recorded address, Peña stated that his resignation was intended to ensure social peace and institutional stability. The fallout from the bank's failure had already led to the resignation of the Central Bank governor and the arrest of eight bank executives earlier in the week. Having lost support within his conservative party and facing impeachment calls from the opposition, Peña’s decision now awaits formal approval by the Senate. Vice President Pedro Alliana is expected to take the oath of office shortly to ensure a smooth transition.