Paraguay's Senate removes President Santiago Peña over Ueno Bank collapse
The gist
Paraguay's Senate voted to remove President Santiago Peña over the Ueno Bank collapse; he was arrested minutes later.
The bank's failure left an estimated three million depositors unable to access their savings.
How it unfolded
- Nov 5, 2026Paraguay's lower house voted 78-0 to impeach Peña minutes after he announced his resignation in a video on X, citing the country's stability and democratic institutions; the vote sent charges to the Senate.
- Nov 5, 2026Congress rejected his resignation and proceeded with impeachment; a transfer of power was expected later that day, with Vice President Pedro Alliana to serve out Peña's term through August 2028.
- Nov 6, 2026The Senate voted to remove Peña from office over his connection to the Ueno Bank collapse; Senate president Basilio Núñez said he was found guilty of dereliction of duty.
Key terms
- impeachment
- A process by which a legislative body charges a public official with misconduct, potentially leading to removal.
- solvency crisis
- A financial situation in which an entity's liabilities exceed its assets, leaving it unable to pay its debts.
- Colorado Party
- A conservative political party in Paraguay, also known as the National Republican Association, long dominant in the country's politics.
Source: Wikipedia