Thousands protest in Paraguay over banking crisis: president's resignation suspended during impeachment

Resignation on pause: Congress keeps Peña in power pending the impeachment decision

In Paraguay, thousands of people have taken to the streets in protest amid a banking crisis triggered by the freezing of Ueno Bank depositors' funds — according to Euronews, three million of the bank's customers have been left without access to their savings. The crisis led President Santiago Peña to submit his resignation, but Congress has suspended its acceptance while the impeachment process moves forward: for now, he remains in office.

Protesters demand a trial, not an exit with immunity

Demonstrators gathered in squares with placards demanding justice and accountability, while graffiti called on political leaders to step down. One protester held up a Paraguay national team jersey with the Ueno Bank logo crossed out in protest against the freezing of depositors' funds; others carried an effigy of the president and burned his image.

Why the resignation does not satisfy the protesters

The key motive behind the demand to continue the impeachment is legal: resignation would open the way for Peña to become a senator for life and gain immunity. As Euronews reports, one protester said that agreeing to such an exit would make it impossible to hold him accountable, and insisted that the process continue. Participants chanted slogans demanding a political trial, and one placard read that resignation is not enough and fair proceedings are needed. Police monitored the rally, which was attended by families and young people; the demonstrations reflect growing anger over the loss of access to savings and a deepening financial and institutional crisis in the country.