South Korean President Yoon Suk Yeol faces impeachment calls after declaring martial law, which he rescinded six hours later. Financial markets reacted with volatility; stocks dropped 1.3%, and the won neared a two-year low, prompting government intervention.
In a dramatic turn of events, South Korean President Yoon Suk Yeol faces mounting calls for impeachment after declaring martial law late Tuesday. Only to rescind it hours later amid nationwide protests and parliamentary defiance. However, this move has plunged the nation into its worst political crisis in decades.
President Yoon justified the declaration as necessary to counter alleged “pro-North Korean forces” threatening South Korea’s constitutional order but provided no evidence of specific threats. Armed troops stormed the National Assembly in Seoul, attempting to impose a media blackout and ban political activities. However, lawmakers resisted, and within six hours, parliament overwhelmingly passed a motion to lift the martial law.
The opposition Democratic Party (DP) and five smaller parties swiftly submitted an impeachment bill, with a vote expected by the weekend. “President Yoon has proven incapable of governing and must step down,” said Park Chan-dae, a senior DP lawmaker.
Even within Yoon’s ruling People Power Party, dissent is brewing. Party leader Han Dong-hoon called for the resignation of Defense Minister Kim Yong-hyun and the entire cabinet, blaming them for the debacle.
Public outrage spilled into the streets, with protests erupting outside the National Assembly and in central Seoul. Demonstrators, including members of the Korean Confederation of Trade Unions, vowed to strike until Yoon resigned.
Aftermath Of The Fiasco
Despite the chaos, Seoul returned to normalcy on Wednesday, though markets were shaken. South Korean stocks fell by 1.3%, and the won hovered near a two-year low. This prompted emergency government interventions to stabilize financial markets.
The U.S., South Korea’s key ally, expressed concern but reaffirmed its commitment to the bilateral alliance. Defense talks and a joint military exercise between the two nations were postponed.
If impeached, Yoon will face a trial in the Constitutional Court, where six of nine justices must approve the motion. Meanwhile, calls for accountability grow louder, with critics labeling Yoon’s actions as reckless and authoritarian.
“This crisis was averted, but Yoon’s presidency may not survive,” said Danny Russel of the Asia Society Policy Institute. Protesters summed up the sentiment with chants of “We won!” outside the parliament, a stark reminder of South Korea’s hard-won democracy.
