Paraguay's banking crisis ousts President Peña, triggers protests
Vice President Pedro Alliana was sworn in as Paraguay's new leader on Friday, November 6, following an unprecedented banking crisis that led to the removal and house arrest of former President Santiago Peña. The crisis began Tuesday, November 3, when Ueno, one of the country's most popular financial institutions, collapsed, freezing funds for nearly half the population. Protesters demanded legal action and asset confiscation against banking officials, while Peña faced scrutiny as a shareholder in Ueno's parent holding company. Alliana, himself implicated in the affair, has promised full compensation for those affected by the financial chaos, prioritizing the most vulnerable citizens. The bank had held $850 million in public funds despite appearing financially healthy.