The Colorado Party dominates Paraguayan politics, with a long-running role in government and power shifts amid recent upheaval.
Paraguay has faced a rapid collapse of Ueno Bank, a lender linked to President Peña, as regulators place it into resolution. The move effects roughly 60% of adults and triggers impeachment debates after two top aides resign and opposition calls for accountability. Deposits are being safeguarded while the government navigates a broader political crisis.
Paraguay has impeached President Santiago Pena after a rapid scandal over Ueno Bank’s collapse, which has frozen millions of depositor accounts and drawn protests. Central bank actions and a widening investigation point to broader regulatory and political upheaval in a country long seen as stable.
Paraguay's central bank has taken Ueno Bank into resolution as deposits of about 3 million customers are frozen. President Santiago Peña has been impeached and placed under house arrest amid widespread protests, with investigations into alleged favoritism toward the bank. The crisis has disrupted payments, spiked unemployment in the short term, and drawn international scrutiny.
Paraguay’s youngest president has been removed by the Senate after a bank collapse linked to his government ties. Prosecutors are pursuing charges of breach of trust and mismanagement as deposits falter and street protests erupt in Asuncion.