Born in Asunción, Wasmosy trained as a civil engineer and became head of the Paraguayan consortium working on the Itaipu Dam. During this project, he amassed a large amount of wealth.
President Andrés Rodríguez chose Wasmosy as his successor and he was elected in 1993. By maintaining a government with many of Alfredo Stroessner's supporters and failing to continue the limited reforms of Rodríguez, Wasmosy became increasingly unpopular.
Lino Oviedo, head of the Paraguayan Army attempted a coup in April 1996. Wasmosy countered by offering Oviedo a ministerial position, but soon imprisoned him. In 1998, Raúl Cubas stood against Wasmosy, his main policy being freeing Oviedo, and Wasmosy was beaten.
In 2002, Wasmosy was convicted of defrauding the Paraguayan state and was himself sentenced to four years in prison.
Juan Díaz de Solís was the first to come (1516), and Sebastian Cabot followed him (1527) to the Paraguay River, which was thought to offer access to Peru.
In 1993, JuanCarlosWasmosy of the governing Colorado party won the presidency, but his power was weakened by a divided legislature, labor strikes, and the demands of farmers for more equitable land distribution.
Wasmosy was later (2002) convicted of corruption because of his role in a bank scandal during his presidency.
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