Paraguay Bank Failure
Protesters burn a effigy depicting President Santiago Pena outside Congress following a failed session to discuss Pena's resignation, days after Paraguay's central bank took over Ueno Bank over a solvency crisis, in Asuncion, Paraguay, Thursday, Nov. 5, 2026.
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Paraguay’s Senate has voted to remove President Santiago Peña, convicting him of misconduct over the collapse of a major digital bank tied to his business interests. Vice President Pedro Alliana was set to succeed him. By convicting Peña instead of accepting his resignation, senators stripped him of the lifetime Senate seat and immunity granted to former presidents, leaving him vulnerable to prosecution. Prosecutors earlier opened three criminal investigations Thursday into public deposits in Ueno, targeting Peña, Alliana and current and former central bank and pension fund officials. Lawmakers accused Peña of using his office to benefit a bank in which he held a financial stake.
