South Korean lawmakers called for President Yoon Suk Yeol's impeachment on Wednesday after he proclaimed martial law only to revoke it hours later, causing Asia's fourth-largest economy to experience its worst political crisis in decades.
The sudden proclamation late Tuesday sparked a confrontation with parliament, which rejected his attempts to restrict political activity and gag the media, as armed personnel stormed the National Assembly building in Seoul. A coalition of opposition party MPs announced on Wednesday that they planned to introduce an impeachment bill that would be voted on within 72 hours.
"The parliament should focus on immediately suspending the president's business so that an impeachment bill can be passed as soon as possible," Hwang Un-ha, a coalition MP, told reporters. Yoon's chief of staff and senior secretaries have volunteered to quit collectively, according to a presidential official. Yoon told the nation in a TV address that martial law was required to defend the country from nuclear-armed North Korea and pro-North anti-state groups, as well as to protect its free constitutional order, though he did not mention any specific threats.
As military helicopters hovered overhead, helmeted warriors climbed inside the parliament building through smashed windows, causing chaos. Parliamentary aides shot fire extinguishers to force the soldiers back, while protestors clashed with police outside. The military stated that activity by parliament and political parties would be prohibited, and that the media and publishers would be under martial law command.
However, within hours of the announcement, South Korea's parliament, with 190 of its 300 members present, unanimously passed a vote to lift martial law, including all 18 members from Yoon's party. The president then revoked his declaration.
Protesters outside the National Assembly chanted and applauded. "We won!" they chanted, with one demonstrator banging on a drum.
More protests are anticipated on Wednesday, with South Korea's largest union coalition, the Korean Confederation of Trade Unions, preparing a rally in Seoul and promising to strike until Yoon steps down.
The US embassy recommended US citizens in South Korea to avoid places where protests were taking place, while some big firms advised staff to work remotely.
Financial markets were tumultuous, with South Korean stocks losing over 2% early Wednesday, while the Korean won (KRW) remained stable at roughly 1,418 to the dollar, having fallen to a two-year low. Finance Minister Choi Sang-mok and Bank of Korea Governor Rhee Chang-yong held emergency discussions overnight, with the finance ministry promising to support markets if necessary.
"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," a statement from the government read. South Korea's foreign currency officials are accused of selling US dollars on the onshore market early Wednesday to limit the won's slide, according to two dealers.
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