Asunción, Nov 7:
Paraguay’s Senate voted overwhelmingly to impeach and remove President Santiago Peña from office following a catastrophic banking failure that froze accounts and locked nearly three million citizens out of their savings.
In a swift legislative trial on Friday, 44 of the 45 senators voted to convict the 47-year-old leader of “poor performance in his duties,” stripping him of presidential immunity and the customary lifetime Senate seat accorded to former heads of state. The crisis erupted after the Central Bank seized control of Ueno Bank—a prominent fintech-turned-commercial lender handling state pensions and major public funds—over severe capital insolvency.
Peña faced intense scrutiny over conflict of interest due to his prior equity holdings in Grupo Vázquez, the corporate conglomerate controlling Ueno Bank. The Attorney General’s office has arrested eight senior bank executives and raided affiliated tech subsidiaries following nationwide street demonstrations. Vice-President Pedro Alliana has assumed the presidency to complete the term through 2028, while the Central Bank commenced phased emergency payouts of up to $1,600 for eligible depositors.