Crisis-hit Paraguay gets Pedro Alliana as new president: Ex-basketball player and a businessman

Detailed summary

The crisis began on Tuesday when the Central Bank took control of ueno, a commercial bank, over concerns about its financial stability. | World News

Pedro Alliana, who served as vice president for three years, took over as Paraguay's president on Friday after his predecessor was impeached following a major banking crisis that left nearly half the country's population unable to access their accounts.

A former national basketball player, businessman and member of the ruling party, Alliana took the oath on Friday, shortly after the impeachment of Santiago Pena. He will remain in office until 2028.

ALSO READ | Paraguay's ueno bank collapse: The controversy that toppled president, locked half country out of money

The crisis began on Tuesday when the Central Bank took control of ueno, a commercial bank, over concerns about its financial stability. The move led to the freezing of accounts belonging to around 3 million customers, nearly half of Paraguay's population.

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