How one bank's collapse toppled Paraguay's president in 24 hours

Santiago Peña announced his resignation as Paraguay's president on November 5, 2026, hours after the central bank shut down Ueno Bank overnight over a solvency crisis that left millions of customers unable to access their money.

In a statement posted to social media, Peña said he was stepping down with "the stability of our country, social peace, and the need to preserve our public institutions in mind." He took office in August 2023 for a five-year term.

The Chamber of Deputies moved against him the same day. In a special session, lawmakers voted unanimously to initiate impeachment proceedings. The charges, brought by 35 opposition lawmakers along with members of Peña's own Colorado Party, accuse him of "serious and systematic dereliction of duty" in connection with his dealings with the bank.

A prosecutor also announced plans to seek charges against Peña following the collapse.

Ueno Bank executives were taken into custody and brought to the anti-corruption prosecutor's office. Protests against the government and the bank had taken place in Asunción the previous day, November 4.

A single bank's failure produced a presidential resignation, unanimous impeachment proceedings, and a prosecutor's announced intent to charge — all within roughly 24 hours. The cross-party unity is rare: the Colorado Party has governed Paraguay for nearly eight decades, and a break of this kind against a sitting president from its own ranks has no recent precedent.

For Paraguayans, the immediate question is access to their savings.

The impeachment proceedings have been initiated, not concluded.

What is established is the sequence: a bank failed overnight, a president resigned by afternoon, and his own party voted with the opposition to move against him.