South Korea’s main opposition party called on President Yoon Suk Yeol to resign immediately or face impeachment on Wednesday, just hours after he lifted a brief martial law that had seen troops surrounding parliament ahead of a vote to revoke it. In response to the opposition’s demands, President Yoon did not provide an immediate public statement. However, his office confirmed that several senior presidential advisers and secretaries offered to resign collectively, and that the president had postponed his official schedule for Wednesday morning.
The controversial development, which was made in reply to supposed threats from North Korea, triggered a political crisis in Asia’s fourth-largest economy. This move has been termed as undemocratic by the lawmakers and citizens. The public outcry was further escalated as Yoon’s justification to ‘’protect the constitutional order’’ did not have much detail in it.
Yoon’s martial law declaration was rejected by the parliament as 190 members out of its 300 members, including some from Yoon’s party too voted against the measure. The president’s attempt to restrict the ban on political activity and censor the media resulted in a dramatic standoff as lawmakers used fire extinguishers to stop troops from entering the National Assembly. Protestors were seen celebrating the reversal, and slogans like ‘We won!’’ were raised and demanded Yoon’s resignation. The president’s ousting was also demanded by the Korean Confederation of Trade Unions which declared strikes and rallies.
This crisis has also impacted South Korea’s financial markets which are currently in turmoil as stocks dipped 2 percent and its national currency Won was at a two-year low. The government pledged emergency liquidity for stabilizing the market whereas the opposition leaders charged Yoon with treason and asked him to resign.
This is the first example of martial law in South Korea after 1980. Meanwhile, US Secretary of State Antony Blinken has welcomed Yoon’s reversal and has appealed for a peaceful solution by democratic principles.
Yoon is facing growing political isolation as approval ratings are around 20 percent. On the other hand, the opposition-controlled legislature seems to be firm in taking further advancements with the impeachment proceedings which will lead to ending his tenure as South Korea’s president.
(With inputs from Reuters)