Everyday life has resumed Alone, but the population is still in shock after six hours of martial law drama. South Koreans went to offices, businesses and schools as usual today, with little visible sign in the capital Seoul of the six hours of surprise martial law and intense political drama overnight. The capital's 9 million residents started the day as normal after President Yoon Suk Yeol reversed his failed attempt to ban political activities and censor the media shortly before dawn.
But many are were shocked from such a sudden event, which made South Korean stocks and currency tumble to multi-year lows, at a time of already faltering economic growth. There have been more than a dozen instances of martial law being declared in South Korea since it became a republic in 1948, but the last time was more than four decades ago, when General Chun Doo-hwan staged a coup and ruled from 1980 to 1988, he recalls Reuters.
During the European night, Asian stock markets and currencies showed many signs of nervousness due to the Korean political storm. Some easing came after Central Bank of Korea she said she was ready for action and the Minister of Finance announced that the government is also ready to use all available measures to stabilize financial markets with “unlimited liquidity”.
The Seoul stock exchange fell 1,5% at the end of the session, after a -2,3% overnight, while the won, the local currency, gained about 1%: the cross is at its highest since the beginning of the year at 1.412, after touching 1,43. A large South Korean convenience store chain, which preferred to remain anonymous, said that the canned goods sales in its stores increased by 337% between 23:00 p.m. and midnight on Tuesday, compared to the same period the previous week. Sales of packs of instant noodles increased by 254% and those of bottled water by 141%, a spokesperson told Reuters.
Central Bank and Government Support After Yoon's Blitz
In response to the attempted coup, the Central Bank of Korea has made it known that it is ready to take the necessary measures to maintain the stability of financial markets. The Bank of Korea will increase liquidity in the short term and will take “active” measures, according to the statement released after a board meeting.
The announcement came after the president Yoon Suk Yeol backtracked and lifted martial law introduced hours earlier. Yoon had declared martial law in a televised speech around 22:30 p.m. (14,30 GMT) on Tuesday, but backtracked after parliament defied police and special forces stationed around the'National Assembly to vote, forcing him to revoke the declaration. The presidential office said the declaration of martial law was made at night to “minimize damage to the economy national security and people’s lives.” South Korean soldiers, equipped with rifles, bulletproof vests and night vision goggles, were seen entering the parliament building in Seoul through broken windows. Helicopters circled in the night sky above the building.
After joint parliamentary vote to block the presidential move and the subsequent declaration of revocation approved around 4.30 local time (20.30 on Tuesday in Italy) during a cabinet meeting, the political forces have asked Yoon to take a step backThe Democratic Party said today that its lawmakers have threatened to formally initiate proceedings to put him on trial in the absence of resignation.
Il Minister of Finance Choi Sang-Mok announced that the government, in addition to the central bank is ready to use all available measures to stabilize financial and currency markets, putting "unlimited liquidity" on the table. The president's move, apparently supported by the defense minister, has brought the rival parties into agreement. The People Power Party, in power in South Korea but without a majority in Parliament, and the Democratic Party, which instead controls the National Assembly with the other opposition parties, have found themselves united in calling for the resignation of President Yoon Suk-yeol, in response to the chaos created by martial law, declared and withdrawn after six hours during the night.
“President Yoon Suk-yeol's declaration of martial law was a clear violation of the Constitution. He did not meet any of the requirements to declare it,” the party said in a statement, saying “this was a serious act of rebellion and provides a perfect basis for his impeachment”. Impeaching him would require the support of two-thirds of parliament, or 200 of its 300 members. The Democrats and other small opposition parties together have 192 seats, but when parliament rejected Yoon’s martial law with a unanimous vote of 190 members present, about 10 votes came from the People Power Party.
