PARAGUAY · POLITICS
Published Thursday, 5 November, 7:30 p.m. ET · Source: Paraguay's Chamber of Deputies and Senate, President Peña's statement on X
Key Facts
- What happened Paraguay's Congress did not accept President Santiago Peña's resignation on Thursday 5 November, so he remains in office.
- Why Ruling Colorado Party lawmakers who favoured accepting it walked out, leaving too few members to vote.
- What next The Senate is due to resume his trial on Friday; 30 of its 45 members must vote to remove him.
- The stakes Removal would cost him a lifetime Senate seat and the legal immunity that comes with it.
Paraguay's president quit on camera, and Congress told him no. Santiago Peña, a conservative who has led the country since August 2023, announced his resignation on Thursday 5 November, but lawmakers never accepted it. He is still president tonight, and the Senate is due to pick up his impeachment trial on Friday.
The crisis began with the failure of Ueno Bank, a lender with about three million customers. For US readers, the fight matters because Paraguay is a major soy and beef exporter and a close South American partner of Washington.
This report updates our earlier coverage of the resignation and the vote that spared the vice president. Those reports expected Vice President Pedro Alliana, the constitutional successor, to be sworn in on Thursday evening, and that did not happen.
Why Congress Said No
Peña's resignation needed a vote in a joint session of Congress, and the session collapsed. Members of the Colorado Party, Paraguay's ruling conservative party, who wanted to accept it were losing the vote, so they left the chamber and the session lost its quorum, the minimum number of members needed to vote.
The walkout surprised many, because the party had said it would back the impeachment. Its leader, former president Horacio Cartes, had said so in a statement.
The reason is immunity. A Paraguayan president who leaves office normally becomes a senator for life, with protection from prosecution.
The opposition and many ruling-party members chose not to accept his resignation so that the impeachment could go ahead and strip him of that status.
Peña Changes Course
Peña answered in a new message on X, formerly Twitter. “With the impeachment trial continuing, I will appear and exercise my right to a defence,” he wrote.
He promised to supply evidence and said the process should respect the constitution. He also said he would give investigators the information they ask for and asked that savers not be made to wait for the political fight.
“The payment to savers cannot stay pending on what happens to me,” he wrote.
What Is the Senate Deciding?
Paraguay's Chamber of Deputies, the lower house, approved the impeachment accusation unanimously earlier on Thursday, as we reported. In an impeachment, the lower house accuses and the Senate, the upper house, judges.
The Senate took up the case that evening. To remove a president, 30 of the Senate's 45 members must vote yes.
The Senate is due to reconvene on Friday, and the charge is poor performance of his duties in connection with Ueno Bank.
The Bank Behind the Crisis
Ueno Bank is a Paraguayan lender with about three million customers. Paraguay's central bank closed it on Tuesday 3 November, and its customers have been locked out of their money since, as we explained in our first report on the impeachment push.
Critics say Ueno drew large deposits from state bodies during Peña's term. In his statements Peña has avoided admitting responsibility.
What It Means for US Readers
The winners from a clean, quick outcome are investors in Paraguayan soy and beef exporters and the savers waiting to be repaid. The losers from a long fight are those same savers and any business that needs a stable government to sign contracts.
The next test is Friday's Senate session, and the number to watch is 30. If fewer senators vote to remove him, Peña stays in office with a damaged mandate; if 30 or more do, Alliana would take over until August 2028.
What Is Not Known
We do not know how many Colorado lawmakers left the chamber, or what time the Senate will meet on Friday. We have also not confirmed whether Peña will attend in person or send a lawyer.
It is unclear whether Congress could still accept his resignation before the trial ends. We found no reaction yet from the US government or from financial markets.
More: Paraguay news in English, every day from The Rio Times.
Frequently Asked Questions
Is Santiago Peña still president of Paraguay?
Yes. Congress did not accept his resignation on Thursday 5 November 2026, so he remains in office while the Senate continues his impeachment trial.
How many senators must vote to remove Peña?
Thirty of the Senate's 45 members must vote to remove him. The Senate is due to continue the trial on Friday 6 November 2026.
Sources: Chamber of Deputies of Paraguay; Senate of Paraguay; Presidency of Paraguay, statements of Santiago Peña on X, 5 November 2026; Central Bank of Paraguay, Ueno Bank resolution, 3 November 2026.
This article was produced by The Rio Times’ automated newsroom system. How we use AI · Report an error · Editorial responsibility: Matthias Camenzind, Editor-in-Chief