trending Market Intelligence /marketintelligence/en/news-insights/trending/hz-guzryapcyfv33w5d_fw2 content
Log in to other products

Login to Market Intelligence Platform


Looking for more?

Contact Us
In This List

Update: Peru president resigns amid impeachment proceedings

Banking Essentials Newsletter - November Edition

Online Brokerage Space Should Remain Rich Source Of M&A

University Essentials | COVID-19 Economic Outlook in Banking: Rates and Long-Term Expectations: Q&A with the Experts

Estimating Credit Losses Under COVID-19 and the Post-Crisis Recovery

Update: Peru president resigns amid impeachment proceedings

Peru President Pedro Pablo Kuczynski announced that he is resigning amid vote-buying allegations against his center-right government ahead of a second impeachment vote.

Kuczynski, in a national address, said his resignation would end uncertainty in the South American country and vowed an orderly constitutional transition, according to Bloomberg. "I don’t want to be an obstacle for the nation finding the path of union and harmony that it so badly needs and which was denied to me."

Kuczynski's resignation follows a congressional vote to begin new impeachment proceedings against the president. The proceedings were launched three months after lawmakers failed to remove Kuczynski from office over allegations that he received bribes from Brazilian builder Odebrecht.

Some lawmakers who previously supported him, including Apra party legislator Jorge del Castillo and three lawmakers who left Kuczynski's party last year, called for his resignation after he allegedly sought to reward politicians in exchange for staying in power, according to Bloomberg.

First Vice President Martin Vizcarra would become acting president until 2021, when the government's mandate expires. Bloomberg noted that the country's constitution states that one of Kuczynski's vice presidents will take over. Second Vice President Mercedes Araoz would take over in the event that Vizcarra declines.