SEOUL, SOUTH KOREA – NOVEMBER 7: South Korean President Yun Seok-Yeol attends a national press conference at the presidential palace on November 7, 2024.
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South Korea’s embattled President Yoon Seok-yeol on Saturday tried to impose martial law earlier this week, but it briefly failed and was triggered by the ruling party’s boycott of the vote, according to South Korea’s Yonhap news agency. South Korea’s Yonhap news agency reported that he survived an impeachment motion.
The motion was submitted by opposition politicians, including members of the ruling Democratic Party, and required support from two-thirds of the South Korean National Assembly (300 members) for passage. Allied lawmakers left their seats ahead of Saturday’s vote, making it impossible to meet the quorum needed for an impeachment vote.
Opposition lawmakers have previously said they would reconsider the impeachment motion on Wednesday if it fails once.
If this motion passes, Yun’s presidential powers will be immediately revoked. If the incumbent is removed or resigns, a presidential election must be held within 60 days.
Reuters reported that a second special prosecutor investigation bill against first lady Kim Kun-hee, who has recently been accused of improper influence, failed to pass in a vote on Saturday.
South Korea is accustomed to such procedures, and so far two heads of state have been impeached since the beginning of this century: Roh Moo-hyun in 2004 and Park Geun-hye in 2016.
martial law
Mr. Yoon seized power close presidential election The approval rating in 2022 is only 19% earlier this week, before abruptly imposing martial law for the first time since the 1979 military coup.
He cited the need to “protect the constitutional order based on freedom and eradicate the shameful pro-North Korea and anti-national groups that are robbing the people of their freedom and happiness.” According to a report from NBC News.
The country’s parliament passed a resolution to end martial law, with 190 MPs in attendance and demonstrators in the streets, as political whiplash permeates the markets of Asia’s fourth-largest economy. Korea Financial Services Commission said It is ready to inject a total of 50 trillion won ($35.22 billion) to stabilize the domestic stock and bond markets as needed amid heightened volatility.
Adarsh Sinha, co-head of Asian rates and currency strategy at BofA Securities, appeared on CNBC’s “Street Signs Asia” on Friday and said the Korean won could make a “big move” after the weekend vote. He warned, but stressed that the currency was also depreciating. Pressure due to fundamental reasons, such as the possibility that the Bank of Korea may cut interest rates.
“I think our view on the Korean won in general is bearish, not just for political reasons,” he said.
second attempt
The brief martial law debacle, reminiscent of South Korea’s military past, paralyzed domestic politics and sparked international concerns about one of Asia’s strongest permanent democracies.
Han Dong-hoon, leader of the ruling People’s Power Party, called for Yoon to be suspended from his duties and expressed concern that the president may take “radical” actions such as invoking martial law again. According to Yonhap News.
Acting Minister of Defense Kim Seong-ho took over after his predecessor Kim Yong-hyun resigned on Thursday. said He disobeyed such orders.
On Saturday, Yun made his first public appearance since Tuesday’s incident and vowed never to attempt to impose martial law again.
According to Yonhap News, Yoon said in a televised speech, “I am sincerely sorry and apologize to the people who must have been very surprised.” “I will not shirk the legal and political responsibilities associated with this declaration of martial law.”
