Paraguay resumes Pena impeachment proceedings as financial crisis deepens
News Source
β’Fri, 06 Nov 2026 16:58:56 +0000
π° What Happened
Paraguay's Senate met on Friday to decide Pena's future. It chose to carry on with impeachment rather than accept his resignation. The lower house had already voted 78-0 for the charges. Pena asked for three more days to prepare his case. He says he was given under 12 hours to answer 300 pages of documents.
Pena apologised in a video address. He said he wanted people's money returned and public funds protected. If the Senate finds him guilty, he loses the lifetime Senate seat that former presidents normally get.
π The Backstory
Pena is a conservative economist who once worked at the International Monetary Fund. He was elected in 2023. Until last year he held shares in Ueno's parent company, Grupo Vazquez. He says he sold them. Lawmakers call that a conflict of interest. The central bank chief, Carlos Carvallo, has resigned. Eight Ueno executives were arrested and later turned themselves in. The attorney general has opened three criminal investigations.
π― Why It Matters
A president facing charges over a bank failure tests whether Congress can hold leaders to account. Paraguayans want their savings back and someone to answer for the loss.
Paraguay's Senate met on Friday to decide Pena's future. It chose to carry on with impeachment rather than accept his resignation. The lower house had already voted 78-0 for the charges. Pena asked for three more days to prepare his case. He says he was given under 12 hours to answer 300 pages of documents.
Pena apologised in a video address. He said he wanted people's money returned and public funds protected. If the Senate finds him guilty, he loses the lifetime Senate seat that former presidents normally get.
Pena is a conservative economist who once worked at the International Monetary Fund. He was elected in 2023. Until last year he held shares in Ueno's parent company, Grupo Vazquez. He says he sold them. Lawmakers call that a conflict of interest. The central bank chief, Carlos Carvallo, has resigned. Eight Ueno executives were arrested and later turned themselves in. The attorney general has opened three criminal investigations.
A president facing charges over a bank failure tests whether Congress can hold leaders to account. Paraguayans want their savings back and someone to answer for the loss.