Paraguay's president is impeached minutes after resigning following a bank collapse
Paraguayan President Santiago Peña has been impeached following his resignation amid a major banking collapse involving Ueno Bank. The crisis has triggered widespread protests and political instability in the country.
Why it matters
Illustrates the fragility of political stability when economic crises intersect with government-linked financial institutions.
ASUNCIÓN, Paraguay — Paraguay's lower house voted unanimously Thursday to impeach President Santiago Peña just minutes after he announced his resignation, as the collapse of a major digital bank tied to his government froze millions of people's savings, sent protesters surging into the streets and turned his own party against him.
The 78-0 vote marked a stunning repudiation of Peña by lawmakers from his long-ruling Colorado Party, who joined the opposition in backing his impeachment after three days of demonstrations rocked the capital, Asunción. The vote sends the charges to the Senate, where a two-thirds majority is required to convict the president and formally remove him from office.
The impeachment came as thousands protested for a third day, as they attempt to recoup lost savings, wages and pensions from Ueno Bank, a major digital lender.
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Paraguay President Resigns Following Collapse of Major Digital Bank
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