A Bank Collapse Brings Down a President: Paraguay's Santiago Peña Impeached and Under House Arrest

 

Paraguay's President Santiago Peña was impeached and placed under house arrest on Thursday after a corruption scandal involving a failed bank, in a political crisis that has gripped the South American country for weeks.


The Chamber of Deputies voted 59–12 to impeach Peña, who was immediately suspended from office. The Senate then voted 34–4 to remove him permanently. Peña was then ordered to remain under house arrest while he is investigated.

The crisis centers on the collapse of Banco Continental, which has been accused of falsifying its accounts and lending money to companies controlled by the family of former President Horacio Cartes, Peña's political patron.

The bank's collapse cost Paraguayan taxpayers billions of dollars and exposed a network of corruption at the highest levels of government, according to prosecutors.

A judge ordered Peña's house arrest after prosecutors accused him of accepting bribes in exchange for protecting the bank from regulators. Peña has denied the charges.

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