Why is Paraguay facing a banking and political crisis?

But the fallout goes beyond the banking sector.Congress has rejected President Santiago Pena’s resignation and is pressing ahead with impeachment proceedings.

He’s accused of negligence and being complicit in an alleged cover-up of the bank’s insolvency.So, what went wrong?

Were regulators compromised by political influence?

And who should be held accountable?Daniel Duarte Braga – Journalist and contributing editor to The Paraguay PostMariano Machado – Principal Americas analyst at global risk intelligence firm, Verisk MaplecroftJavier Farje – Historian specialising in Latin American affairs Ueno collapse raises questions about state influence and accountability.