Paraguay's president impeached after bank collapse

Bank collapse triggers crisis

Ueno Bank's collapse earlier this week left more than half of Paraguay's population without access to their accounts, triggering public outrage and street protests.

President impeached and arrested

Santiago Peña was arrested on Friday minutes after lawmakers unanimously voted to remove him from office. He had offered to step down on Thursday but senators impeached him instead.

Charges and immunity stripped

Peña was charged with misconduct, conflicts of interest, manipulating regulatory oversight, diverting pension funds, and institutional cover-up. Impeachment stripped him of immunity usually granted to ex-presidents.

Millions unable to access savings

An estimated three million depositors remain unable to access their savings and pensions. Long lines formed at Ueno branches in Asunción on Tuesday and Wednesday as people tried to withdraw money.

New interim president takes office

Pedro Alliana was sworn in as interim president and promised full compensation for those affected. He will serve until twenty twenty-eight and said compatriots going through difficult times will be fully compensated.

“Compatriots who are now going through a difficult time as a result of the financial collapse will be fully compensated.”