‘s President Yoon Suk Yeol is facing calls to resign or face impeachment after his .
President Yoon declared martial law in a television address late on Tuesday, accusing “anti-state” forces of impeding his government and of sympathizing with .
But he backtracked just a few hours later after opposition lawmakers physically fought past police officers and soldiers to get into the National Assembly and vote unanimously on a motion to overrule him.
Martial law was formally lifted around 4:30 a.m. during a Cabinet meeting but, as day broke on a cold, sunny Wednesday morning in Seoul, the calls were already growing for Yoon to resign.
What has the opposition said?
“‘s martial law declaration was a clear violation of the constitution,” the laregest opposition Democratic Party said in a statement. “It was a grave act of rebellion and provides perfect grounds for his impeachment.”
A coalition of lawmakers from opposition parties said they planned to submit an impeachment bill as early as Wednesday which they want to vote on within 72 hours.
“Parliament should focus on immediately suspending the president’s business to pass an impeachment bill as soon as possible,” one parliamentarian told reporters.
The Democratic Party also said it intends to file “charges of insurrection” against Yoon, his ministers and “key military and police figures involved, such as the martial law commander and the police chief.”
The leader of Yoon’s own People Power Party (PPP) called for him to be kicked out of the organization and for the defense minister and the entire cabinet to resign.
According to National Assembly officials, 18 members of the ruling PPP were among the 190 lawmakers who cast ballots in the midnight vote to reverse the martial law order.
Yoon is yet to make any public response but, according to the local Chosun Ilbo newspaper citing sources close to the PPP, senior presidential advisers and secretaries have offered to resign en masse.
Have there been any reactions from abroad?
Elsewhere, welcomed Yoon’s decision to rescind the martial law order, saying he expected “political disagreements to be resolved peacefully and in accordance with the rule of law.”
Around 30,000 US troops are stationed in South Korea to help guard against any threat from nuclear-armed North Korea, with whom the South is still technically at war.
The South Korean YONHAP news agency reported on Wednesday that Seoul and Washington had postponed defense talks and joint military exercises scheduled for this week.
Prime Minister Ulf Kristersson has also postponed a planned visit to South Korea, according to YONHAP, citing diplomatic sources.
How have the markets reacted?
Meanwhile, the South Korean finance ministry was battling to contain the economic damage done by the overnight political drama which saw the won temporarily plummet to a two-year low against the dollar.
“All financial, FX markets as well as stock markets will operate normally,” the government insisted in a statement after Finance Minister Choi Sang-mok and Bank of Korea Governor Rhee Chang-yong held emergency overnight talks.
“We will inject unlimited liquidity into stocks, bonds, the short-term money market as well as the forex market until they are fully normalized,” the statement continued.
South Korea’s financial regulator added that it had a ten-trillion-won ($7 billion) stock market stabilization fund ready at any time.
Will the military face any consequences?
Back at the National Assembly, the parliament’s secretary general has banned the military and police force from entering the institution and promised that troops will be held “legally responsible” for any “physical damage and illegal acts” carried out during the six hours of martial law.
According to South Korean broadcaster MBC, he said that around 230 armed soldiers had entered the National Assembly grounds via at least 24 helicopter lifts.
mf/rc (AFP, Reuters, dpa)
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