Paraguayan President Peña announced his resignation on Thursday after a major commercial bank linked to his government went out of business, plunging the South American country into financial and social turmoil. Regulators took over Bank Ueno early Tuesday, causing millions of Paraguayans' deposits to be frozen, including retirees, and sparking mass protests across the country. About a third of the country's population has deposits in this bank. Peña is an important ally of US President Trump. The Paraguayan House of Representatives previously unanimously passed an impeachment motion against him, and the relevant procedures will now be handed over to the Senate. “I am doing this for our country's stability, social peace, and maintaining our democracy,” Peña said in a video announcing her resignation.

Paraguayan President Peña announced his resignation on Thursday after a major commercial bank linked to his government went out of business, plunging the South American country into financial and social turmoil. Regulators took over Bank Ueno early Tuesday, causing millions of Paraguayans' deposits to be frozen, including retirees, and sparking mass protests across the country. About a third of the country's population has deposits in this bank. Peña is an important ally of US President Trump. The Paraguayan House of Representatives previously unanimously passed an impeachment motion against him, and the relevant procedures will now be handed over to the Senate. “I am doing this for our country's stability, social peace, and maintaining our democracy,” Peña said in a video announcing her resignation.