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Paraguay's president is impeached minutes after resigning following a bank collapse

President Santiago Peña resigned Thursday amid a banking crisis triggered by the seizure of Ueno Bank, a digital lender tied to his political allies. Minutes after his resignation, Paraguay's Congress voted to impeach him anyway, rejecting the resignation and pressing forward with removal proceedings. The bank's collapse has frozen savings for millions of Paraguayans, sparking mass protests. Peña's allies say the impeachment is unconstitutional after resignation; opponents argue it bars him from future office. The Senate has resumed impeachment hearings as the central bank manages Ueno's liquidation.

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⚡ Key Developments & Real-Time Context
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  • ✓ Paraguay's Congress impeached President Santiago Peña minutes after he submitted his resignation on Thursday.
  • ✓ The impeachment follows the central bank's seizure of Ueno Bank, which froze accounts for millions of customers.
  • ✓ Peña's resignation was rejected by Congress before the impeachment vote proceeded.
  • ✓ Mass protests have erupted across Paraguay demanding accountability for the banking collapse.
🛡️ Source Corroboration: 25 independent reporting domains (90% confidence) ⏱ Read time: ~3 min

What changed

Congress impeached Peña minutes after he resigned, converting a voluntary exit into a formal removal that could disqualify him from holding office.

Live updates

  1. Paraguay's president resigns, then is impeached after Ueno Bank collapse freezes millions of accounts

    President Santiago Peña resigned Thursday amid a banking crisis triggered by the seizure of Ueno Bank, a digital lender tied to his political allies. Minutes after his resignation, Paraguay's Congress voted to impeach him anyway, rejecting the resignation and pressing forward with removal proceedings. The bank's collapse has frozen savings for millions of Paraguayans, sparking mass protests. Peña's allies say the impeachment is unconstitutional after resignation; opponents argue it bars him from future office. The Senate has resumed impeachment hearings as the central bank manages Ueno's liquidation.

    Why it matters

    Ueno Bank grew rapidly as Paraguay's largest digital lender, handling payroll and savings for millions. Its owners include Cartes-era figures close to Peña. Regulators seized the bank this week after detecting a capital shortfall exceeding $200 million, according to central bank statements. The crisis threatens Paraguay's financial stability and Peña's Colorado Party dominance. Taiwan, Paraguay's key diplomatic ally, said bilateral ties are unaffected.

    What is confirmed

    • Paraguay's Congress impeached President Santiago Peña minutes after he submitted his resignation on Thursday.
    • The impeachment follows the central bank's seizure of Ueno Bank, which froze accounts for millions of customers.
    • Peña's resignation was rejected by Congress before the impeachment vote proceeded.
    • Mass protests have erupted across Paraguay demanding accountability for the banking collapse.
    • Taiwan stated its diplomatic relations with Paraguay remain unchanged after Peña's resignation.

    Still unconfirmed

    • Peña may seek asylum or legal protection abroad if impeachment bars him from future office.
    • Ueno Bank's owners allegedly moved assets offshore before the seizure, according to unnamed prosecutors.

    What to watch next

    • Senate impeachment trial schedule and whether two-thirds vote to convict and bar Peña from office
    • Central bank's liquidation plan for Ueno Bank and timeline for depositor repayments
    • Potential criminal investigations into Ueno Bank owners and Peña's inner circle
    Sources used for this update (29)
    1. economictimes.indiatimes.com — Business News Live, Share Market News - Read Latest Finance News, IPO ...
    2. www.newsday.com — Newsday | Long Island's & NYC's News Source - Newsday
    3. www.clickorlando.com — ClickOrlando l Orlando, Florida News, Local Headlines l WKMG News...
    4. www.ctvnews.ca — U.S. midterms: Republicans shy away from Trump ahead of vote
    5. www.stuff.co.nz — Death of 87-year-old Maricarmen is reenergizing Spain's protests to stop evictions | Stuff
    6. metro.co.uk — Pensioner whose eviction sparked nationwide protests in Spain has died | News World | Metro News
    7. www.newsbreak.com — Cathie Wood Predicts Oil Crashing to $30-$35 a Barrel as EVs Take Over Transportation: Says Demand Is 'Peaking’
    8. The Economist — Paraguay’s swaggering digital bank has fallen
    9. CNN — President of Paraguay resigns as president of amid crisis over the closure of Ueno Bank
    10. The Guardian — Paraguay’s rightwing president resigns after savings of millions of people are frozen in banking crisis
    11. NPR — Paraguay's president is impeached minutes after resigning following a bank collapse
    12. Reuters — Explainer: What is ueno bank and how did it trigger Paraguay's political crisis?
    confidence 90%
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