Paraguay’s President Peña Faces Impeachment Over Ueno Bank Collapse

Paraguay’s Chamber of Deputies opened an extraordinary session on Thursday to decide whether to impeach President Santiago Peña, two days after the central bank took over Ueno Bank, one of the country’s largest lenders. The political pressure escalated hours before the session. The ruling Colorado Party backed an impeachment trial against Peña, its leader and Peña’s mentor, former president Horacio Cartes (2013 to 2018), announced in a statement on X. “We support the impeachment trial of the President of the Republic, Santiago Peña, in order to put the Republic’s institutions back on track,” Cartes wrote. From Bank Failure to Impeachment Paraguay’s Central Bank (BCP) ordered the intervention and dissolution of Ueno on Tuesday, after finding that its solvency ratio had dropped below 50% of the required minimum.

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