The Biggest Political Crisis in Asia’s Fourth-Largest Economy
A project in South Korea on Wednesday called for the impeachment of President Yoon Suk-yeol.
Because he declared martial law, sparking the biggest political crisis in Asia’s fourth-largest economy.
The sudden announcement on Tuesday led to a confrontation with parliament.
Which rejected his attempt to ban political activity and impose media censorship.
While armed forces stormed the National Assembly building in Seoul.
A coalition of opposition lawmakers said it plans to introduce an impeachment bill against Yoon today.
This impeachment bill must be voted on within 72 hours.
Hwang Eun-ha, a coalition lawmaker, told reporters:
“Parliament must focus on suspending the president’s actions immediately to pass the impeachment bill as soon as possible.”
A presidential official said the chief of staff and senior aides to the president collectively offered their resignations.
Chaos and Confusion in South Korea
Yoon told the nation in a TV meeting that martial law was necessary to defend South Korea against nuclear-armed North Korea and anti-state forces supporting Pyongyang.
And also to protect its free constitutional system, although he did not mention any specific threats.
This was followed by chaotic scenes.
Soldiers climbed the parliament building through broken windows ..
Military helicopters hovered overhead … Aides in parliament tried to fend off soldiers with fire extinguishers.
While protesters clashed with police outside.
Martial Law Lifted within Hours
The military said parliamentary activities and political parties would be banned.
Also publishing will be under martial law control.
However, within hours of the announcement, parliament, with 190 of its 300 members present, unanimously passed a motion to lift martial law.
Including all 18 members present from Yoon’s party, and the president then rescinded the declaration.
Protesters outside the National Assembly cheered, chanting “We won!” while clapping and drumming.
Market Fluctuation
More protests are expected on Wednesday.
As South Korea largest labor coalition and Korean Confederation of Trade Unions planned a mass rally in Seoul, pledging to strike until Yoon resigns.
The U.S. embassy urged American citizens in South Korea to avoid protest areas.
While some major companies advised employees to work from home.
Financial markets experienced fluctuation.
Mentioning that South Korean stocks falling about two percent early Wednesday.
While the won stabilized at around 1,418 to the dollar after hitting a two-year low.
Unlimited Liquidity
Finance Minister Choi Sang-mok and Bank of Korea Governor Rhee Chang-yong held emergency meetings overnight.
Those meetings are planning to support markets by Ministry of Finance if necessary.
The government said in a statement:
“We will inject unlimited liquidity into the stock, bond, and short-term money markets.
As well as the foreign exchange market until they fully return to normal.”
Two traders said South Korea’s foreign exchange authorities were likely selling dollars in the local market early Wednesday to curb the won’s decline.
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Resignation or Impeachment of President in South Korea
The Democratic Party, called on President Yoon, to resign or face impeachment over the martial law declaration, the first in South Korea since 1980.
Mentioning that the National Assembly can impeach the president if more than two-thirds of lawmakers vote in favor.
The Constitutional Court then holds a trial, which can confirm the impeachment with a vote of six out of nine judges.
Yoon’s party controls 108 seats in the 300-member legislature.
But if Yoon resigns or is impeached, Prime Minister Han Duck-soo would become acting president until the next new election.
