President Santiago Peña Palacios of Paraguay, Taiwan’s ally, has officially announced his resignation from the presidency due to the bankruptcy and receivership of Uno Bank, which has led to a severe financial crisis. The financial crisis affected approximately 3 million customers and triggered violent political turmoil in Paraguay.
Peña announced the decision in a 2-minute and 20-second farewell video via social platform X, saying his resignation was to maintain the “stability” of the country.
“I firmly believe that no position can outweigh the well-being of Paraguay. If I ever fail, I would like to apologize. I never want to betray the trust you have placed in me,” Peña said in the video.
