The Lower House Of Paraguay's Congress Approved The Impeachment Of The President

Santiago Peñi himself announced that he is stepping down.

Members of the Paraguayan Chamber of Deputies have approved the impeachment proceedings against President Santiago Peña. The final decision on whether to proceed with the proceedings will be made by the Senate—the second chamber of the Paraguayan Parliament.

Peña himself announced about an hour ago that is resigning following the onset of a financial crisis in the country. Lawmakers blamed him and Vice President Pedro Allian for the crisis. However, the no-confidence vote against the vice president was withdrawn due to a lack of votes.

The financial crisis, which escalated into a political one, is linked to the shutdown of Ueno Bank—the country’s largest digital bank, which serves about 60% of the country’s adult population. In early November, the central bank initiated bankruptcy proceedings against the company after the regulator declared it insolvent. Peña himself had been a business partner of Grupo Vázquez, which owns the bank, until March 2025.

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