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Impeachment Looms for South Korean President Following Martial Law Disaster

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ESSENTIAL POINTS
  • South Korean President Yoon Suk Yeol faced​ impeachment ⁤proposals from lawmakers following⁣ his declaration of ⁢martial law.
  • Yoon withdrew the declaration after it was rejected​ by parliament⁤ and public protests ⁣demanded his resignation.
  • The political crisis had a significant ‌impact on‌ financial ‌markets, ‍with the‌ KOSPI index falling by 1.4%.

SEOUL — ‍On Wednesday,​ South Korean⁤ legislators put forth ⁤a motion to impeach ⁢President Yoon‍ Suk Yeol in response to his abrupt declaration ‌of martial law. This decision, which was⁤ later withdrawn, led to ⁤a tense⁣ standoff between the military and ‌parliament, tarnishing the nation’s reputation.

Yoon’s late ‌Tuesday martial law declaration sought ‌to suppress political activity and ‍control the media in South Korea, Asia’s⁤ fourth-largest economy and a crucial ally of the U.S.

Armed ⁢forces⁤ stormed the National Assembly building ⁤in Seoul, but retreated when parliamentary⁣ staff​ used fire extinguishers against them. ⁣The martial law decision was rejected by lawmakers, while outside, protesters clashed with the police.

On Wednesday night, civic and⁣ labor groups held a candlelight vigil in central Seoul, demanding Yoon’s resignation. This was ⁣reminiscent of the large-scale candlelight protests that⁣ led to the impeachment of former President Park Geun-hye ⁣in⁤ 2017. The protesters ⁤then marched towards the ⁢presidential office.

Six opposition parties in South Korea submitted a bill‌ to impeach Yoon in ​parliament. ⁤Yoon had ‍already been accused of autocratic leadership by his opponents ⁤and even members ⁣of his own party.​ The vote‍ is expected ‍to take place on ‍Friday or​ Saturday.

A plenary session to​ formally introduce the bill was scheduled⁤ to commence shortly after midnight on ⁤Wednesday.

“We​ couldn’t ignore the illegal martial law,” Democratic Party lawmaker Kim Yong-min ⁣told reporters. “We ‍can no longer let democracy collapse.”

The leader of Yoon’s ruling People Power Party demanded the dismissal⁣ of Defense Minister Kim Yong-hyun‌ and⁣ the resignation of the entire ⁢cabinet. Kim has offered‍ to resign, according to ‌the defense ⁤ministry.

The crisis​ shook global ‌financial markets, causing South Korea’s benchmark KOSPI ⁤index ⁢KS11 ​to fall 1.4%, bringing its year-to-date losses ​to ⁢over 7% and⁢ making it the worst-performing⁢ major stock market in Asia this year.

The won remained stable ​but was close to a two-year⁤ low, with dealers reporting suspected intervention by South⁤ Korean authorities ⁢after overnight discussions between Finance Minister Choi Sang-mok ‌and Bank of Korea ⁢Governor Rhee Chang Yong.

Choi ‌sent an‍ emergency note to global financial chiefs and credit ⁢rating⁣ agencies late ⁢on Wednesday, stating that the ‍market⁣ was functioning normally and that the finance ministry ‌was working to mitigate any negative impact from the political unrest, ⁢according to a⁣ ministry statement.

No specific ‌threats

In a televised speech​ late on Tuesday, Yoon stated that martial law ‌was necessary to defend ⁣the country from ‌pro-North Korean anti-state forces and ‍to protect the ⁤free constitutional order, although he did not cite any specific⁣ threats.

Within⁢ hours, South Korea’s ⁢parliament, ‍with 190 of its‌ 300 members present, unanimously passed ⁣a​ motion for martial ⁤law to‍ be lifted,​ with ⁢18⁤ members‍ of⁣ Yoon’s party present.

The president then rescinded⁤ the declaration‌ of martial law,⁣ approximately six hours⁢ after its ⁢proclamation.

Protesters outside the National⁤ Assembly cheered and applauded. “We won!” they chanted, and one demonstrator‍ banged on a drum.

“There are opinions that it was too ⁢much to go to emergency martial law and⁢ that we did not follow the procedures for ‌emergency martial law, but it was done strictly within ⁣the constitutional framework,” a South Korean presidential official told Reuters by telephone.

There has been no reaction yet ‍from North Korea to the drama in the South.

Yoon was embraced by leaders in the West ​as a⁣ partner in the U.S.-led effort to unify democracies against growing authoritarianism in China, Russia and⁣ elsewhere.

But he caused unease among South⁤ Koreans by⁣ branding his critics‍ as “communist totalitarian and anti-state forces” as⁣ his approval ratings ⁤slipped. In November, he ‌denied wrongdoing in⁣ response to influence-peddling⁣ allegations against him and his wife and he has ‌taken a hard line ‍against labor unions.

Seoul appeared largely⁢ normal on Wednesday, with the⁣ usual rush hour traffic in ⁢trains and⁢ on the streets.

But Hyundai Motor’s labor union announced plans to stage strikes on Thursday ⁤and Friday and some major employers, including Naver Corp ⁤and LG Electronics Inc, advised ⁣employees⁢ to work from home.

Sales of canned‌ goods, instant ⁤noodles and bottled water ‌had soared‍ overnight, said a major⁣ South Korean ⁤convenience store chain, which sought anonymity.

“I’m deeply disturbed by this kind⁣ of situation,⁤ and I’m very concerned about the⁢ future of the country,” 39-year-old Seoul resident Kim Byeong-in told⁣ Reuters.

The National Assembly can impeach the president if more than‌ two-thirds of‌ lawmakers vote in favor. A trial ‍by ⁢the constitutional​ court follows, which ‍can confirm the motion ‌with a vote by six of the nine justices.

Yoon’s ​party has 108 seats ‌in the ​300-member legislature.

‘Dodged a bullet’

If Yoon resigned or was removed from office, Prime Minister Han Duck-soo would fill in‌ as leader until a new election was‍ held within 60 days.

“South ‌Korea as a nation dodged a bullet, but⁣ President Yoon may have shot ‍himself in the ⁣foot,” Danny Russel,‌ vice president of the Washington-based‌ Asia Society ‌Policy Institute, said of the first martial law declaration in South Korea since ⁢1980.

U.S. ⁣Secretary of State⁤ Antony Blinken said he ​welcomed Yoon’s decision to rescind the martial law ‌declaration.

“We continue to expect political disagreements to be resolved peacefully and in accordance with the rule⁢ of law,” ⁣he said ‌in a statement.

Martial law been declared more than a dozen times since South Korea was established as a⁢ republic in 1948. In 1980, a group of ⁤military officers forced​ then-President‍ Choi‍ Kyu-hah ​to ‌proclaim martial law to crush calls ⁣for the restoration of ⁤democratic‍ government.

‌ ⁤ ‍ ⁢ ​ ‌ ⁣ The Essential Points for this article were generated with ​the assistance of large language models and reviewed ‌by our editorial team. The article, itself, is solely human-written. ‍ ‍ ‍ ‍
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