Paraguay President Santiago Peña resigns after bank collapse

Live updates

1. 52m ago

   Paraguay's Peña removed, placed under house arrest after Ueno Bank collapse

   Santiago Peña has been ousted as Paraguay’s president and placed under house arrest following the collapse of Ueno Bank, with Pedro Alliana sworn in as his successor. The Senate voted unanimously to remove Peña, while the lower house backed an impeachment trial over alleged links to the failed bank. Millions reportedly had accounts with Ueno, and savings were frozen during the banking crisis. Peña now faces criminal charges and potentially up to 15 years in prison, according to CNN.

   Why it matters

   The collapse of Ueno, a digital bank that had provided accounts for nearly half of Paraguay’s population, triggered a nationwide banking crisis and the country’s biggest political crisis in years. Lawmakers cited questions about Peña’s past links to the bank, turning a financial failure into a contest over his fitness for office. His removal ends the tenure of a rightwing president described by The Guardian and CNN as a Trump ally.

   What is confirmed

   • Santiago Peña was ousted as Paraguay’s president by a unanimous Senate vote.
   • Peña was placed under house arrest after his removal from office.
   • Pedro Alliana was sworn in as Paraguay’s president after Peña’s impeachment.
   • Ueno was a digital bank that had provided accounts for nearly half of Paraguay’s population.
   • The collapse of Ueno triggered a banking crisis that left millions of people unable to access their money.
   • The lower house of congress voted in favour of pursuing an impeachment trial against Peña.
   • Peña faces criminal charges and could receive up to 15 years in prison.

   Still unconfirmed

   • Peña’s removal was linked to alleged ties between the former president and Ueno Bank.

   What to watch next

   • The evidence and legal basis supporting charges against Peña, including any documented links to Ueno.
   • The identification and prosecution of those responsible for the bank’s collapse.
   • A full accounting of frozen savings and the pace of account access for affected depositors.
   Sources used for this update (15)

   1. www.yahoo.com — Yahoo
   2. timesofindia.indiatimes.com — Saudi Arabia Turns To Iran Amid Houthi Strikes, Dealing Trump A Major Gulf Blow? - Times of India Videos
   3. www.thehindubusinessline.com — Stock Market Today Highlights, October 28: Sensex declines 353 points dragged by Reliance, IT stocks, rising crude oil prices
   4. CNN — President of Paraguay resigns as president of amid crisis over the closure of Ueno Bank
   5. ABC News - Breaking News, Latest News and Videos — Paraguay President Santiago Peña resigns following bank collapse
   6. BBC — Paraguay President Santiago Peña resigns after bank collapse
   7. Yahoo — Explainer-What is ueno bank and how did it trigger Paraguay's political crisis?
   8. The Guardian — Paraguay’s rightwing president resigns after savings of millions of people are frozen in banking crisis
   9. www.cbsnews.com — Paraguay's ousted president under house arrest after bank collapse leaves millions locked out of accounts
   10. www.channelnewsasia.com — Paraguay president ousted and placed under house arrest, successor sworn in
   11. www.cnbctv18.com — Paraguay's Alliana sworn in as president after Peña impeachment
   12. malaysia.news.yahoo.com — Paraguay President Santiago Peña resigns after bank collapse - Yahoo News Malaysia
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