LatinNews Daily - 05 November 2026

*A group of Paraguayan opposition deputies has initiated impeachment proceedings against President Santiago Peña and Vice President Pedro Alliana for alleged dereliction of duty as the fallout continues to intensify from the collapse of Paraguayan bank Ueno. The lower chamber of congress will sit for an extraordinary session today (5 November) to decide whether to proceed to an impeachment vote. Whilst it is unlikely to succeed due to the dominance in congress of the ruling Asociación Nacional Republicana-Partido Colorado (ANR-PC), the impeachment effort could be damaging for the government and help the opposition build momentum in the year before the 2028 elections. Ueno’s collapse, which has left account holders unable to access their savings, has sparked protests in several cities, including the two largest cities of Asunción and Ciudad del Este. The scale of financial disruption is huge; according to Bloomberg, the bank had over 2.9m customers in Paraguay (pop. 6.1m), and was used by over 32,000 retirees to receive their pensions. Peña is facing additional political peril because his now replaced appointee to head the central bank (BCP), Carlos Carvallo, ran Ueno before being appointed to the role, raising regulatory concerns which have been heightened by reports that Peña was previously an investor in Ueno’s holding company. Meanwhile, the attorney general’s office yesterday announced charges against 27 people linked to Ueno, accusing them of dereliction of duty during a crisis, damaging confidence, attempted fraud, and accounting violations.