Paraguay president steps down as banking crisis sows chaos

Arab News · AFP · 2026-11-06 04:41 UTC

Paraguayan President Santiago Pena resigned following a banking crisis that cut off access to funds for nearly half the country’s population. The resignation is pending as Congress initiates an impeachment trial.

- Santiago Pena’s resignation is on hold as Congress moves forward with impeachment proceedings

- Protests erupted across Paraguay, with demonstrators demanding the return of frozen deposits and clashing with police

ASUNCION, Paraguay: Paraguayan President Santiago Pena will face an impeachment trial after a financial crisis that led the US-allied leader to resign Thursday, after a banking takeover blocked almost half the population from accessing their money.

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