Former Paraguayan President Santiago Peña said he resigned to prevent further harm to the country, but the Senate later voted to remove him from office. (Foto: Instagram)
Former Paraguayan President Santiago Peña posted a farewell message on social media Friday, Nov. 6, saying he had resigned to prevent further harm to the country. He said he did not want his continued presence in office to deepen political divisions or instability. The message appeared before the Senate concluded its impeachment proceedings, which resulted in his removal from office.
Peña said he submitted his resignation Thursday, Nov. 5, in an effort to help restore calm. He also called on Paraguayans to unite, rebuild the country’s institutions and restore public trust. “I submitted my resignation to prevent further harm to the country and help bring peace back to Paraguay,” he wrote. “I do not want my presence to become a source of greater division or instability. My responsibility is to put the country above my personal fate.” He added that he was leaving with gratitude while recognizing the anguish of people waiting for answers.
The resignation did not stop Congress from moving forward with impeachment. About an hour after Peña announced he was stepping down, the Chamber of Deputies voted unanimously, with 78 votes, to open the proceedings. The Senate later approved his removal with 44 votes in favor and one abstention; approval required a two-thirds majority. Peña had asked for an additional 72 hours to prepare his defense, but the request was denied. He did not attend the Senate session and was represented by attorneys Ricardo Preda and Adolfo Ferreiro.
The impeachment unfolded amid a banking crisis involving Ueno Bank, whose operations were suspended by Paraguay’s central bank on Nov. 3. The monetary authority deemed the digital financial institution insolvent, meaning it could not meet its financial obligations, and began a resolution process. Prosecutors sought to open a criminal investigation into the bank and requested the arrest of executives. The inquiry concerns suspicions about the bank’s management and loans to companies linked to its controlling group, which may have weakened the institution’s assets.
The crisis also prompted the resignation of Carlos Carvallo, who had led Paraguay’s central bank since 2023. Before taking that position, he had been president of Ueno Bank. Peña was also drawn into the controversy and became the subject of an impeachment request. He held shares in Ueno Holding, a company connected to the bank’s controlling group, until March 2025.
