Paraguay's Peña resigns as bank collapse triggers political crisis

Live updates

1. 10m ago

   Paraguay Congress Rejects President Pena Resignation Amid Bank Scandal

   Paraguayan President Santiago Pena faced an intense political crisis following the closure of Ueno Bank and subsequent street protests. Parliament initiated impeachment proceedings against him over alleged irregularities linked to the financial institution's collapse, which left millions of customers affected. Amid mounting pressure, Pena attempted to step down from office. However, Paraguay Congress subsequently rejected his resignation, leaving his political future uncertain as the investigation and public unrest continue to unfold across the country.

   Why it matters

   The sudden closure of Ueno Bank triggered widespread public anger and a rapid legislative backlash against the executive branch. Santiago Pena was targeted by impeachment proceedings driven by alleged irregularities tied directly to the banking failure. The political instability threatens governance in the South American republic as lawmakers grapple with the fallout from the financial sector collapse.

   What is confirmed

   • Paraguayan President Santiago Pena resigned amid a political crisis triggered by the closure of Ueno Bank.
   • Parliament initiated impeachment proceedings against President Santiago Pena over alleged irregularities linked to the bank collapse.
   • Paraguay Congress rejected President Pena's resignation.

   Still unconfirmed

   • The banking crisis and subsequent scandal are taking down a key ally of Donald Trump in Paraguay.

   What to watch next

   • Further congressional votes or impeachment proceedings against President Santiago Peña
   • Developments regarding the investigation into Ueno Bank and affected customers
   • Escalation or resolution of street protests across Paraguay
   Sources used for this update (16)

   1. timesofindia.indiatimes.com — Saudi Arabia Turns To Iran Amid Houthi Strikes, Dealing Trump A Major Gulf Blow? - Times of India Videos
   2. www.hindustantimes.com — Stock market today: S&P 500, Dow Jones, Nasdaq futures fall as US inflation hits 3.7% in September | Hindustan Times
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   6. CNN — President of Paraguay resigns as president of amid crisis over the closure of Ueno Bank
   7. Reuters — Explainer: What is ueno bank and how did it trigger Paraguay's political crisis?
   8. Reuters — Paraguay President Peña resigns under mounting pressure from bank collapse
   9. Bloomberg.com — How a Banking Scandal Is Taking Down Trump’s Ally in Paraguay
   10. dw.com — Paraguay's President Pena resigns as bank collapse sparks protests and impeachment push
   11. Yahoo — Santiago Pena, Paraguay president struck down by a bank scandal
   12. Al Jazeera — Paraguay Congress rejects President Pena’s resignation after bank collapse
   confidence 90%