Paraguay Begins Impeachment Proceedings Against President Following Bank Collapse

Paraguay’s Congress has initiated impeachment proceedings against President Santiago Peña following the collapse of Ueno Bank, a digital lender where Peña was a shareholder until last year. Widespread protests and calls for his resignation have ensued. Support for Peña has dwindled, with key political figures withdrawing their backing, leaving him increasingly isolated.

• Paraguay’s Congress has begun proceedings to impeach President Santiago Peña.
• The impeachment follows the collapse of Ueno Bank, a digital lender.
• President Peña was a shareholder in the group controlling Ueno Bank until last year.
• Anger and protests have erupted, with calls for Peña’s resignation.
• Key political figures, including the congressional President and Colorado Party leader, have withdrawn their support for Peña.