Chaco Armistice Day is observed in Paraguay every June 12, commemorating the end of the Chaco War, which lasted from September 1932 to June 1935 and resulted in a Paraguayan victory. The ceasefire agreement between Bolivia and Paraguay was signed on June 12, 1935, marking the end of one of the bloodiest military conflicts in Latin America during the 20th century. This public holiday not only celebrates Paraguay's victory but also honors the memory of those who lost their lives in the war, with a significant toll of two Paraguayans and three Bolivians per square mile of contested territory. The Chaco Treaty, signed in July 1938, granted Paraguay three-quarters of the Northern Chaco, an area believed to be rich in oil and vital for access to the Atlantic Ocean. Chaco Armistice Day serves as a day of reflection and remembrance for the sacrifices made during the conflict.