How Paraguay’s banking crisis toppled a staunch Trump ally in Latin America

Detailed summary

Paraguay’s ousted President Santiago Peña is facing up to 15 years in prison after the collapse of a major bank triggered the country’s biggest political crisis in years.

Paraguay’s ousted President Santiago Peña is facing up to 15 years in prison after the collapse of a major bank triggered the country’s biggest political crisis in years. Digital lender Ueno Bank shut down last week due to solvency concerns, leaving millions of customers unable to access their money. Peña, who until last year had business ties to the bank, submitted his resignation after its collapse, but Congress voted to impeach the president instead. The ousted leader, an economist and supporter of US President Donald Trump, is now facing criminal charges over the crisis, with prosecutors alleging a conflict of interest.

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