Paraguayan President Santiago Peña stepped down on Thursday following the collapse of a prominent bank with which he had commercial ties, putting him under intense pressure after about half the population could not access their bank accounts. In a recorded speech, Peña said that he was resigning from his position "considering the stability of our country, social peace and the necessity to preserve our democratic institutions." The fallout from the collapse of Ouano Bank forced the head of Paraguay's central bank to resign on Tuesday, after which 8 of the bank's top executives were arrested. The crisis affected Paraguay's hard-earned reputation as a stable destination for foreign investment. The opposition called for a special meeting earlier on Thursday to begin proceedings to file an impeachment motion in Congress, at the same time as the protesters' demands for Pena's resignation. Peña, an ally of US President Donald Trump, has lost the support of members of his conservative party. His decision to step down must be confirmed by the Senate, which lawmakers say is expected to happen quickly to ensure a smooth transition of power.

Paraguayan President Santiago Peña stepped down on Thursday following the collapse of a prominent bank with which he had commercial ties, putting him under intense pressure after about half the population could not access their bank accounts. In a recorded speech, Peña said that he was resigning from his position "considering the stability of our country, social peace and the necessity to preserve our democratic institutions." The fallout from the collapse of Ouano Bank forced the head of Paraguay's central bank to resign on Tuesday, after which 8 of the bank's top executives were arrested. The crisis affected Paraguay's hard-earned reputation as a stable destination for foreign investment. The opposition called for a special meeting earlier on Thursday to begin proceedings to file an impeachment motion in Congress, at the same time as the protesters' demands for Pena's resignation. Peña, an ally of US President Donald Trump, has lost the support of members of his conservative party. His decision to step down must be confirmed by the Senate, which lawmakers say is expected to happen quickly to ensure a smooth transition of power.