One of the country's largest banks has collapsed in Paraguay, cutting off access to the accounts of nearly 3 million customers as lawmakers prepare to oust President Peña. Paraguay's central bank closed Oano Bank on November 3 because its solvency ratio fell below the legal minimum. About 2.9 million customers of the bank, in a country of about 6.1 million people, lost access to their accounts. Deposit holders lined up outside bank branches and demonstrated in Asuncion. Clashes with the police and the use of tear gas were reported. The protesting depositors began a 24-hour vigil outside the parliament building, demanding the return of their money and the impeachment of the president. An extraordinary session of the parliament will be held today to begin impeachment proceedings against President Santiago Peña, amid mass protests caused by the collapse of Oano Bank in the country. Santiago Pena took office in 2023 and was actively supported by former US President Donald Trump. Among his main election promises were a reduction in fuel prices and the creation of 500,000 new jobs, which, including for reasons beyond his control, the Paraguayan president failed to deliver.

One of the country's largest banks has collapsed in Paraguay, cutting off access to the accounts of nearly 3 million customers as lawmakers prepare to oust President Peña. Paraguay's central bank closed Oano Bank on November 3 because its solvency ratio fell below the legal minimum. About 2.9 million customers of the bank, in a country of about 6.1 million people, lost access to their accounts. Deposit holders lined up outside bank branches and demonstrated in Asuncion. Clashes with the police and the use of tear gas were reported. The protesting depositors began a 24-hour vigil outside the parliament building, demanding the return of their money and the impeachment of the president. An extraordinary session of the parliament will be held today to begin impeachment proceedings against President Santiago Peña, amid mass protests caused by the collapse of Oano Bank in the country. Santiago Pena took office in 2023 and was actively supported by former US President Donald Trump. Among his main election promises were a reduction in fuel prices and the creation of 500,000 new jobs, which, including for reasons beyond his control, the Paraguayan president failed to deliver.