In Paraguay, Santiago Peña was sworn in as President and promised that his country "will rise like a giant" during his term.

After the oath, he said that he will turn "Paraguay into the center of Latin American integration".

In his speech he also asserted: "Success is to make all Paraguayans better off".

The inauguration ceremony in capital Asunción was attended by several heads of state from the region, including Argentina's Alberto Fernández.

Mr Peña also spoke about the trade agreement that the European Union and the Mercosur bloc, which includes his country, Argentina, Uruguay and Paraguay, have been seeking to seal for some time.

The new President remarked that his government will continue to negotiate with Brussels, but without compromising its "sovereignty, territory, values or culture of Paraguay".

The new Paraguayan leader is a 44-year economist and belongs to the Colorado Party, which has governed the South American nation for most of the last decades.