Paraguay is moving to oust Santiago Peña over the bankruptcy of a bank linked to the president

Paraguayan President Santiago Peña faces imminent impeachment and possible arrest amid a financial crisis triggered by the collapse of Ueno Bank. The ruling Colorado Party has withdrawn support, leading to a political upheaval. Former President Horacio Cartes publicly supports the impeachment process, citing mismanagement of public funds. The crisis began when Ueno Bank was found lacking adequate reserves, resulting in its intervention by the Central Bank. Peña's administration is under scrutiny as citizens demand access to their frozen deposits, while several bank executives have been detained. The situation has escalated tensions in Paraguay, with Peña canceling his attendance at an international summit due to the crisis.