Unrest in Paraguay as president steps down, in photos
People protest in front of police against the government and Ueno Bank, which Paraguay's central bank seized amid a solvency crisis, in Asuncion, Paraguay, Wednesday, Nov. 4, 2026.
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Paraguayan President Santiago Peña is under criminal investigation following the collapse of a major digital bank, as the South American leader prepares to defend himself before the Senate against possible removal from office on Friday. The crisis at Ueno Bank turned Peña’s long-ruling Colorado Party against him, a stunning reversal for the former International Monetary Fund economist. In a day of lightning-speed developments, Peña offered his resignation Thursday, with the lower house voting unanimously to impeach him moments later. Both houses declined to accept Peña’s offer to resign, with the Senate instead deciding to press forward with a trial that could result in the president’s removal from office.
Paraguayan President Santiago Peña failed to appear at his impeachment trial following a scandal surrounding a collapsed bank. Top aides have also resigned as the Senate resumed an impeachment trial Friday that could remove him from office. The crisis stems from the collapse of Ueno Bank, which froze the savings of millions. Senators rejected Peña’s request for more time to respond to accusations. Interior Minister Enrique Riera and other key officials resigned. Former President Horacio Cartes backed Peña’s ouster, and the lower house voted to impeach him. Prosecutors have opened investigations into the bank’s collapse.
