Paraguay President Santiago Peña resigns after bank collapse
The move follows a bank collapse and after the lower house of congress voted in favour of pursuing an impeachment trial against him.
Paraguay's President Santiago Peña has announced his resignation following a political crisis sparked by the collapse of a bank linked to him.
"I want to apologise to the people if at any point I failed," he said in a video message on social media. "It was never my intention to betray the trust you placed in me."
The political crisis in Paraguay erupted after financial institution Ueno Bank entered an insolvency process, which froze all operations.
Lawmakers accused Peña, who was a shareholder until last year in the company that owned the bank, of conflicts of interest and misconduct. His resignation came after Paraguay's lower house of congress voted in favour of pursuing an impeachment trial.