country is named for the river, which is said to be from Guarani para "water" + guay "born." Said to have been the name of a local chieftain who treated with the first Spanish explorers.
Republic in south-central South America, enclosed by Bolivia on the west and north, Brazil on the northeast, and Argentina on the south and west.
Note: Controlled for many decades by a highly repressive military government. A civilian was elected president in 1993.
Note: Reputed sanctuary for Nazi fugitives.