Six opposition parties in South Korea, led by the Democratic Party, have initiated impeachment proceedings against President Yoon Suk Yeol following his declaration of martial law, which was quickly rescinded. The process of impeaching Yoon, Defense Minister Kim Yong-hyun, and Interior Minister Lee Sang-min is underway, with insurrection charges also planned for other key officials involved in the martial law declaration. Yoon’s political party, the People Power Party, acknowledged the negative impact of the six hours of martial law on the nation and is considering its next steps.
The U.S. Secretary of State, Antony Blinken, welcomed the reversal of martial law and stressed the importance of resolving political disagreements peacefully. South Korea’s stock market and currency experienced fluctuations in response to the events, but credit rating agencies stated that the brief period of martial law should not affect the country’s credit rating.
Yoon, who took office in 2022, has faced challenges in advancing his agenda against opposition Democrats and has seen his approval ratings drop. The martial law announcement, made in response to political paralysis and threats from North Korea, marked the first instance of martial law being declared in South Korea since 1980. The order was swiftly nullified by the National Assembly, demonstrating the country’s commitment to democracy and the rule of law. Yoon’s decision to rescind martial law was met with relief by both domestic and international observers.
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