Paraguay President's Fall and House Arrest: How a Bank Collapse Sparked a Crisis | Times Now World

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Paraguay has been plunged into a political crisis following the collapse of Ueno Bank, which triggered the impeachment and removal of President Santiago Peña. The Senate voted 44-1 to remove Peña, hours after he announced his resignation, while prosecutors ordered his arrest and placed him under house arrest pending further proceedings. The banking crisis, which affected an institution with around 2.9 million customers, has prompted investigations into alleged financial irregularities, the placement of public funds and the conduct of state officials. Vice President Pedro Alliana has assumed the presidency as Paraguay faces questions over financial oversight, public accountability and the country's ambitions to become a regional financial hub.