South Korean President Yoon Suk-yeol said early Wednesday that he would soon lift the martial law he imposed during a tense night of political drama in which troops surrounded parliament and lawmakers voted to reject military rule.
Lawmakers also called for his impeachment, and opposition parties are pushing a bill to suspend him.
Earlier, Yoon said his government had withdrawn the military personnel that had been deployed, and that he would formally lift martial law following a Cabinet meeting as “soon as members arrive”.
Yoon had declared martial law late Tuesday, vowing to eliminate “anti-state” forces as he struggles against an opposition that controls the country’s parliament and that he accuses of sympathizing with communist North Korea.
Less than three hours later, parliament voted to lift the declaration, with National Assembly Speaker Woo Won-shik declaring that the martial law was “invalid” and that lawmakers “will protect democracy with the people”.
The president’s surprising move harkened back to an era of authoritarian leaders that the country has not seen since the 1980s, and it was immediately denounced by the opposition and the leader of Yoon’s own party.
South Korean stocks drop nearly 2% amid martial law crisis
South Korean stocks fell nearly 2 per cent this morning following political upheaval sparked by president Yoon Suk-yeol’s brief declaration of martial law, later overturned by parliament.
The KOSPI index dropped to 2,451.63, with foreign investors selling heavily, offsetting local purchases, The Korea Times reported.
Major companies, including Samsung Electronics, LG Electronics, and Hyundai Motor, saw declines, while a few, like Korea Zinc, posted gains amid ongoing corporate battles.
The Korean won also weakened against the US dollar, reflecting market volatility amidst the turmoil.
Maroosha Muzaffar4 December 2024 04:12
How impeachments work in South Korea
South Korean lawmakers are planning to impeach president Yoon Suk-yeol, adding to the country’s history of presidential impeachments. This follows the martial law crisis that threw the entire nation into a tizzy yesterday.
The process of impeachment in South Korea requires a two-thirds vote in the National Assembly and approval from the constitutional court.
Previous impeachments in South Korea include Park Geun-hye, who was removed in 2016, and Roh Moo-hyun, who was reinstated in 2004.
Maroosha Muzaffar4 December 2024 03:55
Swedish PM postpones South Korea visit following martial law crisis
Swedish prime minister Ulf Kristersson has postponed his planned visit to South Korea this week, his spokesperson confirmed this morning.
Kristersson was set to meet South Korean president Yoon Suk-yeol for a summit, but the trip was deferred after Yoon declared martial law on Tuesday, only to revoke it following parliamentary opposition.
“Given the recent developments, we have decided to postpone the visit,” the spokesperson said.
“We have been in contact with South Korea this morning and will work together to reschedule for a future date.”
Maroosha Muzaffar4 December 2024 03:30
Jubilant celebrations after president Yoon reverses martial law
President Yoon Suk-yeol’s abrupt reversal of martial law in South Korea triggered jubilant celebrations among thousands of protesters who had braved the freezing night outside parliament.
As the announcement was made in the early hours, crowds erupted with cheers, chanting “We won!” and clapping in victory, according to BBC.
Many had gathered in defiance of the military presence, maintaining a tense vigil through the night.
Maroosha Muzaffar4 December 2024 03:19
Calls for president’s impeachment grow
Lawmakers in South Korea are calling for president Yoon Suk-yeol’s impeachment, and opposition parties are pushing a bill to suspend him.
The martial law order, aimed at countering alleged threats from North Korea and “anti-state forces”, was rejected by parliament, leading to chaotic scenes with troops storming the National Assembly.
Protests erupted nationwide, with unions vowing strikes until Yoon stepped down. Financial markets reacted sharply, prompting emergency government interventions to stabilise stocks, bonds, and the currency. The situation remains volatile, with more demonstrations expected, according to Reuters.
Maroosha Muzaffar4 December 2024 03:10
Senior aides to president Yoon resign
Senior aides to president Yoon Suk-yeol, including his chief of staff and senior secretaries, resigned this morning.
This followed Mr Yoon’s decision to lift the martial law order he issued late Tuesday night after facing pressure from lawmakers.
Maroosha Muzaffar4 December 2024 02:55
President Yoon’s advisers resign
South Korean news agency Yonhap is reporting that members of President Yoon Suk Yeoi’s administration, including his chief of staff, have issued collective resignations. His national security adviser, and his chief of staff for policy have also resigned.
On Tuesday, Yoon enacted martial law, kicking off a broad and swift rebuke both from South Koreans and the broader international community. Yoon eventually backed off his decision, but that did not stop both the opposition Democrats and the nation’s largest trade union federation from calling for his resignation.
Graig Graziosi4 December 2024 02:11
Protesters gather in central Seoul to protest President Yoon
Protesters have gathered just outside Gwanghwamun Square in downtown Seoul to protest President Yoon Suk Yeoi’s decision to declare martial law on Tuesday.
Yoon walked back the move late on Tuesday, but not before political and labor leaders called for his resignation.
The protest is primed to disrupt commuters in the city’s center during rush hour.
Police with riot shields have descended on the city center in response to the growing protester presence.
Graig Graziosi4 December 2024 01:08
South Korean labor leaders plan to strike until President Yoon resigns
The largest trade confederation in South Korea has vowed to strike until President Yoon Suk Yeoi resigns.
The Korean Confederation of Trade Unions said it will “fight alongside the people” by striking until Yoon resigns.
“KCTU members will stop working according to the strike guidelines,” and will call for Yoon’s resignation for his “treason.”
In addition to striking, the confederation said it will “conduct nationwide emergency actions for social reform,” according to South Korean media.
The trade union confederation represents 12 million South Korean laborers.
Leaders of the laborers are planning to rally Wednesday morning in Gwanghwamun Square.
Graig Graziosi4 December 2024 00:26
