Paraguay's President Peña impeached amid banking crisis and protests
Paraguay's lower house voted 78-0 on Thursday to impeach President Santiago Peña, shortly after he announced his resignation. This decision follows the collapse of Ueno Bank, which affected millions of depositors and led to widespread protests in Asunción. Thousands demonstrated for three days, demanding the return of lost savings and wages. Ueno Bank, which had over 60% of Paraguay's adult population as customers, was seized by regulators after revealing risky lending practices. Peña, who previously held a stake in the bank, faces accusations of corruption linked to the financial turmoil. Vice President Pedro Alliana is set to succeed Peña, serving until August 2028. Authorities have detained eight senior Ueno executives and charged 27 others with various offenses. The situation has raised concerns about the stability of Paraguay's banking system and the government's oversight.
Published 2 days ago • 05 Nov 2026, 11:39 PM IST