Paraguay president removed over financial crisis
The gist
Paraguay's Senate voted 44-0 to remove President Santiago Peña after ueno bank's collapse.
The crisis left 2.9 million customers locked out of deposits.
How it unfolded
- Mar 2025Peña held shares in Ueno Holding, controlled by the Vázquez Group, which also owns ueno bank, until March 2025; he sold them in April 2025.
- Oct 22, 2026Paraguay's central bank and its president faced mounting calls to resign over how they supervised the digital bank.
- Nov 3, 2026The central bank began winding down ueno after its solvency ratio fell below 50% of the legal minimum, leaving more than 2.9 million customers without access to deposits.
Key terms
- solvency ratio
- A financial ratio measuring an organisation's ability to meet its long-term obligations and stay financially sound.
- winding it down
- The legal process of ending a company and distributing its assets to claimants.
- impeachment
- A process by which a legislative body charges a public official with misconduct, potentially leading to removal.
Source: Wikipedia