Paraguayan President Santiago Peña resigned on Thursday after the collapse of a prominent bank with which he had business ties, putting him under severe pressure after about half the population was unable to access their bank accounts. Peña says during a recorded speech that he is resigning from his position "taking into account the stability of our country, social peace and the need to protect our democratic institutions." The fallout from the collapse of Ouano Bank caused the head of Paraguay's central bank to resign on Tuesday, and eight of the bank's top executives were arrested. The crisis is affecting Paraguay's hard-earned reputation as a stable destination for foreign investment, according to Reuters.

Paraguayan President Santiago Peña resigned on Thursday after the collapse of a prominent bank with which he had business ties, putting him under severe pressure after about half the population was unable to access their bank accounts. Peña says during a recorded speech that he is resigning from his position "taking into account the stability of our country, social peace and the need to protect our democratic institutions." The fallout from the collapse of Ouano Bank caused the head of Paraguay's central bank to resign on Tuesday, and eight of the bank's top executives were arrested. The crisis is affecting Paraguay's hard-earned reputation as a stable destination for foreign investment, according to Reuters.