The recent impeachment and removal of President Santiago Peña amid the Ueno Bank crisis has introduced significant uncertainty into the 2028 race, with Vice President Pedro Alliana assuming office to complete the term through August 2028. Multiple pre-candidates from the dominant Colorado Party (ANR), including Alliana, Arnoldo Wiens, Lilian Samaniego, and Luis Pettengill, alongside opposition figures such as Ricardo Estigarribia, Miguel Prieto, Eduardo Nakayama, and Basilio Núñez, have declared ambitions. Opposition gains in recent municipal elections and ongoing fragmentation within both major parties contribute to the tight trader consensus reflected in current pricing. Internal ANR dynamics tied to former president Horacio Cartes, potential coalition-building among opposition groups, and any further developments in the banking scandal investigations could shift momentum ahead of party primaries and the April 2028 general election.