Prosecutors in Paraguay on Saturday charged recently deposed former President Santiago Pea with two crimes linked to the collapse of a major bank that has jeopardized the savings of hundreds of thousands of account holders and unleashed the nation's biggest political crisis in a decade.

In a press conference Saturday, Nancy Salomn, the South American nation's chief prosecutor for corruption and economic crimes, said Pea would be investigated for the crimes of breach of trust and administration for personal gain.

Pea's removal marks a major crisis for Paraguay, which returned to democratic rule in 1989.