Paraguay President Removed From Office as Protests Intensify After Bank Accounts Frozen

Paraguay's president removed from office after bank accounts frozen and protests intensify

November 8

In Paraguay, after citizens took to the streets in protest when bank accounts were suddenly frozen due to a bank collapse, the country's legislature removed President Santiago Peña from office.

The collapse of the government-linked Ueno Bank left nearly 6 million people — more than 40 percent of the country's population — facing a crisis as they were unable to withdraw their savings from their bank accounts.

Protests spread nationwide starting November 5, with demonstrators demanding that savings be allowed to be withdrawn again and that the president be jailed, forcing police to disperse crowds using tear gas and fire hoses.

The crisis has left 3,000 drivers unemployed, and the state-owned electricity company announced that $21 million borrowed from the Inter-American Development Bank and Taiwan for public works projects is also locked up in the bank.

In this situation, President Santiago Peña offered to resign, but the legislature voted to remove him from office, with senators from the president's own party also supporting his removal.

President Peña currently faces accusations of misusing pension funds, conflicts of interest, and efforts to cover up the bank scandal; he has been placed under house arrest and could face up to 10 years in prison on the most serious charges.

President Peña's side has denied all the accusations, but Senate President Basilio Núñez declared that the president was guilty of dereliction of duty.

Senator Rafael Filizzola also commented, "This is the largest corruption in our democratic history and a major blow to the country's image, to citizens, and to the state."

In Paraguay's democratic history, this is the second time a president has been impeached and removed from office.

Vice President Pedro Alliana was sworn in as the new president on November 6 to fill the vacant presidency and will serve until August 2028.

Ref & Photo: The Sun

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