Unlock Editor’s Digest for free
Rula Khalaf, editor of the FT, picks her favorite stories in this weekly newsletter.
South Korea’s opposition parties quickly impeached President Yoon Suk-yeol on Wednesday, hours after his failed attempt to impose martial law sparked the country’s worst constitutional crisis in decades.
About 190 lawmakers from six opposition parties have filed impeachment motions, intending to debate the bill in parliament on Thursday before a vote on Friday or Saturday.
“(Yun) is the one who can push the button to start a war or declare martial law again. He is the one who can put South Korea in the greatest danger right now,” said Cho Kook, a leader of one of the opposition parties, who called on the country’s judiciary to immediately arrest Yun for treason.
“We must immediately suspend his presidency by impeachment.”
The move to try to oust Yun portends further political upheaval in the country of 52 million people, Asia’s fourth-largest economy and a key US ally.
This happened after a conservative president martial law is declared in an unscheduled national broadcast late Tuesday, saying he needed to rid South Korea of ”anti-state forces” and “normalize the country.”
Yun retreated after a few hoursreversing the order after it was unanimously rejected by the opposition-controlled legislature. The troops sent to surround the parliament building were withdrawn.
South Korea’s main opposition, the Democratic Party, said Yun’s declaration of martial law “is a serious violation of the constitution.”
“This is clear treason and is an excellent reason for impeachment,” the statement said.
“(Yun) will likely make another attempt as his first attempt to pass the military decree failed,” party leader Lee Jae-myung said at a rally at the parliament building. “But we face a greater risk if he can provoke North Korea and risk armed conflict with North Korea, destabilizing the shared border.”
Yun’s attempt to impose martial law — the country’s first since the restoration of democracy in the 1980s — followed months of tension with his opponents in parliament.
After a night of turmoil, South Korea’s financial authorities vowed to support markets with “unlimited” liquidity. The Bank of Korea said after an emergency meeting on Wednesday that it was “keeping all options open until markets stabilize.”
It, which had weakened sharply against the dollar after Yun’s declaration of martial law, recovered.
The basic Kospi index fell by almost 2 percent. Shares of the country’s largest company, Samsung Electronics, fell by 1.1%.
Any attempt to impeach Yun would require a two-thirds vote in the 300-member National Assembly. Opposition parties have a total of 192 seats, so the bill could be passed with the support of more than eight members of Yun’s own party.
If voted to impeach, Yoon would be immediately removed from his presidential duties pending a final decision by South Korea’s constitutional court.
New elections must be held within 60 days of the president’s removal from office or resignation. The Prime Minister will be officiating.
If lawmakers do not vote to impeach him, more demonstrations could occur, said Choi Jin-bong, a professor of journalism and broadcasting at Sungkong University. “Public protests are likely to increase, forcing them to vote for impeachment again,” he said.
The United States, South Korea’s most important ally, welcomed Yun’s refusal to try to impose martial law.
Secretary of State Anthony Blinken said the US was “closely monitoring the events of the last 24 hours”.
“We welcome President Yun’s announcement that he will lift the martial law order,” Blinken said in a statement. “We continue to expect political differences to be resolved peacefully and in accordance with the rule of law.”
Earlier, Yun’s own conservative People’s Power party called on the president to fire his defense minister, Kim Yong-hyun, who it said suggested martial law. Party leaders are debating whether Yun should leave the party, according to state-run Yonhap News.
The Korean Confederation of Trade Unions, the country’s leading umbrella labor group, has called for an indefinite strike until Yoon resigns.