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Paraguay’s President Santiago Peña announced his resignation on Thursday, Nov. 5, amid mounting political pressure following the collapse of Ueno Bank, which left nearly three million customers unable to access their savings.

In a video address to the nation, Peña apologized to Paraguayans and said his decision was intended to preserve the country’s stability and democratic institutions.

His resignation comes as lawmakers pursue impeachment proceedings over the financial crisis.

Vice President Pedro Alliana is next in line to assume the presidency.

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Paraguay’s President Santiago Peña resigns amid banking crisis