By AFP published by CNA and Reuters published by Yahoo!News
Seoul – South Korean President Yoon Suk Yeol abandoned a short-lived attempt at martial law today (Dec. 4), reversing course after lawmakers defied security forces to vote against his declaration and thousands of protesters took to the streets.
Yoon’s shock bid to impose South Korea’s first martial law in over four decades plunged the country into its deepest turmoil in its modern democratic history and caught even South Korea’s closest allies around the world off guard.
The United States, which stations nearly 30,000 troops in South Korea to protect it from the nuclear-armed North, initially voiced deep concern at the declaration, then relieved that martial law was over.
The dramatic developments also left the future of Yoon – a conservative politician and former star public prosecutor who was elected president in 2022 – in jeopardy.
South Korea’s main opposition party – whose lawmakers jumped fences and tussled with security forces so they could vote to overturn the law – demanded Yoon to step down immediately over the attempted “insurrection”.
The nation’s largest umbrella labour union also called an “indefinite general strike” until Yoon resigned.
And the leader of Yoon’s own ruling party even described the attempt as “tragic” while calling for those involved to be held accountable.
Yoon backed down after lawmakers voted to oppose the declaration, which he made late on Tuesday night citing the threat of North Korea and “anti-state forces”.
“Just a moment ago, there was a demand from the National Assembly to lift the state of emergency, and we have withdrawn the military that was deployed for martial law operations,” Yoon said in a televised address around 4.30 a.m. (2.30 a.m. in Thailand).
“We will accept the National Assembly’s request and lift the martial law through the Cabinet meeting.”
Yonhap news agency then reported that Yoon’s cabinet had approved the motion to lift the order.
“Impeachment”
The U-turn prompted jubilation among protesters outside parliament who had braved freezing temperatures to keep vigil through the night in defiance of Yoon’s martial law order.
Demonstrators who had been waving South Korean flags and chanting “Arrest Yoon Sul Yeol” outside the National Assembly erupted in cheers.
Lim Myeong-pan, 55, told AFP that Yoon’s decision to rescind martial law did not absolve him of wrongdoing.
“Yoon’s act of imposing it in the first place without legitimate cause is a serious crime in itself,” Lim told AFP.
“He has paved his own path to impeachment with this.”
Defying security forces, 190 lawmakers managed to get into the assembly in the early hours of Wednesday and unanimously voted to oppose martial law.
Under the constitution, martial law must be lifted when a majority in parliament demands it.
“Anti-state” elements
Yoon had given a range of reasons to justify martial law – South Korea’s first in more than 40 years.
“To safeguard a liberal South Korea from the threats posed by North Korea’s communist forces and to eliminate anti-state elements plundering people’s freedom and happiness, I hereby declare emergency martial law,” Yoon said in a televised address.
Yoon did not give details of the North’s threats, but the South remains technically at war with nuclear-armed Pyongyang.
“Our National Assembly has become a haven for criminals, a den of legislative dictatorship that seeks to paralyse the judicial and administrative systems and overturn our liberal democratic order,” Yoon said.
The president labelled the main opposition Democratic Party, which holds a majority in the 300-member parliament, “anti-state forces intent on overthrowing the regime”.
Yoon and his People Power Party are also bitterly at odds with the opposition over next year’s budget.
Opposition MPs last week approved a significantly downsized budget plan through a parliamentary committee.
The imposition of emergency martial law came after Yoon’s approval rating dropped to 19 percent in the latest Gallup poll last week, with many expressing dissatisfaction over his handling of the economy and controversies involving his wife, Kim Keon Hee.
Unlimited liquidity
South Korea’s finance ministry said today it is ready to deploy “unlimited” liquidity into financial markets if needed after Yeol lifted a martial law declaration he imposed overnight that pushed the won to multi-year lows, according to a Reuters report published by CNA.
The announcement came after Finance Minister Choi Sang-mok and Bank of Korea Governor Rhee Chang-yong held emergency meetings overnight, and ahead of the BOK’s extraordinary meeting session abruptly scheduled for 9 a.m. local time (11 a.m. in Thailand) today.
“All financial, FX markets as well as stock markets will operate normally,” the government said in a statement.
“We will inject unlimited liquidity into stocks, bonds, short-term money market as well as forex market for the time being until they are fully normalised.”
The country’s financial regulator is ready to deploy 10 trillion won ($7.07 billion) in a stock market stabilisation fund any time, the Yonhap news agency said.
South Korea’s won trimmed losses early this morning, coming off the two-year low of 1,443.40 hit overnight after Yoon lifted his shock martial law declaration, honouring a parliamentary vote against the measure.
South Korea’s parliament, with 190 of its 300 members present, unanimously passed a motion early today requiring the martial law be lifted.
Korean shares fell nearly 2% at open but also pared losses. Chipmaker Samsung Electronics fell 1.31%, while battery maker LG Energy Solution slid 2.64%.
The KOSPI index and won are among Asia’s worst performing assets this year.
CAPTIONS
Top: South Korean President Yoon Suk Yeol delivers a speech to declare martial law in Seoul, South Korea, yesterday Dec 3, 2024. Photo: The Presidential Office/Handout via Reuters and published by CNA
First insert: Police officers stand guard in front of the National Assembly in Seoul, South Korea, Tuesday, Dec 3, 2024. Photo: AP/Lee Jin-man and published by CNA
Second insert: South Korean lawmakers watch screens showing a news broadcast of President Yoon Suk Yeol’s speech on lifting martial law, at the main conference hall of the National Assembly in Seoul today, Dec. 4, 2024. Photo:Yonhap via AFP and published by CNA
Third insert: South Korea’s Finance Minister Choi Sang-mok speaks during a trilateral meeting with US Treasury Secretary Janet Yellen and Japan’s Finance Minister Shunichi Suzuki in Washington on April 17, 2024. Credit: Pool photo/Yonhap and published by Yahoo!News
Front Page: Soldiers prepare to advance to the main building of the National Assembly after South Korean President Yoon Suk Yeol declared martial law in Seoul, yesterday Dec. 3, 2024. Photo: Yonhap via Reuters and published by CNA
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