By removing Peña rather than accepting his resignation, the Senate strips him of his seat for life and the immunity he would otherwise have enjoyed under the law.
The crisis was triggered by the collapse of Ueno Bank, which has about 60 percent of the country’s adults as customers, sending shockwaves through the country’s financial system.
Peña, who was previously a partner in the group that controls the bank, asked on Thursday to resign as president, but the request has now been denied.
Prosecutors have opened an investigation into Ueno Bank’s collapse, with Santiago Peña and several other current and former bank employees under investigation.
What do you think?