Lawmakers removed Pena following allegations that he held a stake in Ueno Bank's holding company, placed an affiliate executive atop the central bank, and permitted $355 million in illicit state pension deposits. Immediately following the impeachment vote, authorities placed the former president under house arrest on suspicion of influence peddling and breach of trust. The financial crisis also trapped $21 million in public works loans belonging to the state power company, sent bond values plummeting, and left 3,000 ride-hailing drivers out of work. Alliana must now steer recovery efforts and rebuild public trust, even as he faces an active investigation concerning his own ties to the colla…
Key points
Pedro Alliana assumes Paraguay's presidency through August 2028 under intense scrutiny wh…: Pedro Alliana assumes Paraguay's presidency through August 2028 under intense scrutiny while facing his own investigation regarding the bank.
The central bank stated insurance will eventually reimburse 97% of affected depositors as…: The central bank stated insurance will eventually reimburse 97% of affected depositors as officials work to stabilize the sliding currency.
Criminal charges including attempted fraud and breach of trust have been filed against mu…: Criminal charges including attempted fraud and breach of trust have been filed against multiple bank leaders, including founder Miguel Vazquez.
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Asucion, Paraguay: Ousted Paraguayan President Santiago Pena was placed under house arrest Friday on suspicion of breach of trust and influence peddling, among other charges, shortly after the Senate removed him from office over the collapse of a government-linked bank that locked nearly half the country's 6 million people out of their savings.
All 44 senators present voted to remove Pena for misconduct in office, making him the second Paraguayan president ousted by impeachment since the end of Gen. Alfredo Stroessner's 35-year dictatorship in 1989.
As the verdict came down, ending what had been seen as one of South America's most stable presidencies, a roar rose from the crowds packed into the plaza outside Congress. Depositors, retirees and students in national soccer jerseys waved Paraguayan flags, sang and hugged, chanting "Dictatorship never again!"
Regulators had seized Ueno Bank just three days earlier, sending shock waves through the financial system and setting off the country's worst political crisis in more than a decade.
Pena has denied wrongdoing.
Police ringed the house Friday night as crowds gathered outside, waving flags and vowing…
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