VAST VIEW Paraguay's President Ousted and Placed Under House Arrest After Bank Collapse Locks Out Millions
Santiago Peña was stripped of power by Paraguay's Senate and detained at home following a banking crisis that froze nearly half the country's savings, then moved to a military base amid chaotic scenes in Asuncion.
Photo by Tama66 via Pixabay
Paraguay's Senate voted to remove President Santiago Peña from office on Friday after a sweeping banking collapse left close to half of all Paraguayans unable to access their own savings, according to France 24. Authorities swiftly placed the ousted leader under house arrest as the political crisis unfolded in the capital, Asuncion.
The situation escalated further when officials relocated Peña to a military base, citing concerns for his safety during what Al Jazeera described as a dramatic and chaotic day in the capital. Details on the exact scale of the banking failure and the broader fallout for depositors continue to emerge.
The removal marks a stunning collapse of Peña's presidency, triggered by a financial crisis that has shaken public trust in the country's banking system and thrown the nation's leadership into immediate upheaval.
Sources: France 24 · Al Jazeera
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