Paraguay's President Santiago Peña Ousted Following Ueno Bank Collapse
Former Paraguayan President Santiago Peña has been removed from office by a unanimous Senate vote following the collapse of Ueno Bank. The political crisis erupted after regulators seized the bank, freezing access to savings for nearly 3 million customers. Prosecutors have ordered the arrest of both Peña and former Central Bank chief Carlos Carvallo on charges including breach of trust, alleging that public funds were improperly steered into the failing institution. Vice President Pedro Alliana has assumed leadership and begun forming a new cabinet as the country faces significant civil unrest. While the Central Bank reports that 1.2 million customers have received partial or full deposit reimbursements, large-scale protests continue. The instability is compounded by plans for an indefinite national strike by Paraguay's largest teachers' union starting Monday to protect public pension funds.