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Paraguay's president was impeached and placed under house arrest this week follo
Paraguay's president was impeached and placed under house arrest this week following the collapse of a popular digital bank, in a sequence of events described as unprecedented in the country's recent political history. The bank reportedly counted over half of all Paraguayan adults among its customers before the central bank placed it into resolution after it fell below legal solvency requirements. Millions of account holders suddenly lost access to their funds, sparking protests across the country. President Santiago Peña initially announced his resignation, but Congress declined to accept it and voted instead to remove him on charges including breach of trust and influence peddling. Vice President Pedro Alliana was subsequently sworn in as the new head of state. Analysts note it is only the second impeachment in Paraguay since the end of a decades-long authoritarian government in 1989. If a bank serving a large portion of a country's adults collapsed overnight, what do you think governments and regulators should prioritise first?