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Paraguay's Senate removes President Peña, who is placed under house arrest
Paraguay's Senate removed President Santiago Peña on Friday over the collapse of Ueno Bank. Vice President Pedro Alliana was sworn in soon after. Prosecutors ordered Peña held at home on suspicion of breach of trust and influence peddling. The vote was unanimous in the Senate. Reports say the bank's failure left about 60% of people unable to reach their accounts. Alliana promised to compensate savers. Brazil's President Lula wished him full success.
Why it matters
Millions of Paraguayans cannot reach their savings, and the country has changed its leader in the middle of a banking crisis.
Background
Ueno was a digital bank that grew fast and counted about half of Paraguayans as customers. Authorities took control of it earlier this week. Peña had offered to resign, but lawmakers pressed ahead with impeachment.
The story so far
- Paraguay takes over Ueno Bank, freezes deposits
- Paraguay's president resigns and is impeached after bank collapse
- Paraguay's Senate removes President Peña, who is placed under house arrest
- Paraguay's Senate removes President Peña after Ueno Bank collapse
- Paraguay's ousted president charged over bank collapse
- Paraguay appoints new central bank chief after Ueno Bank collapse
- Paraguay names new central bank chief after Ueno collapse
- Paraguay repays Ueno Bank savers; Peña faces probe
- Paraguay partly refunds Ueno Bank depositors after collapse
Sources
- MercoPress ↗Nov 6, 9:17 PM ET
- The Guardian ↗Nov 6, 8:55 PM ET
- Al Jazeera ↗Nov 6, 7:31 PM ET
This summary was written automatically from the reporting linked above; follow the sources for the full story. How One Turn works.