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The president justified this move by the need to protect South Korea from “communist forces” and to counter “anti-state” elements.
Yoon pointed to moves by the opposition Democratic Party, which controls parliament, to remove top prosecutors and reject the government’s budget proposal, saying those actions threaten the country’s stability.
“For protection,” Yoon said in his speech South Korea the liberalization of threats posed by communist forces in North Korea and the elimination of anti-state elements… I hereby declare a state of emergency and a state of emergency.”
Following the announcement, Defense Minister Kim Young-hyun ordered an emergency meeting of senior military commanders, calling for increased vigilance and a high state of readiness.
According to the South Korean news agency Yonhap, security measures around the parliament have been increased, hindering the entry of lawmakers into the building.
For his part, ruling party chief Han Dong-hun described the declaration of a state of emergency as a “mistake”, stressing his determination to prevent it in cooperation with the people.
Other parties also considered this move “unconstitutional and anti-public”.
Economic repercussions
A spokesman for the Korean finance minister announced that the minister will hold a meeting of senior economic officials at 11:40 p.m. South Korean time.
The value of the South Korean won fell sharply against the US dollar, to its lowest levels since October 2022, shortly after the state of emergency was declared.
The US dollar was up 2% against the won by 2:50 GMT.
Shares of Korean companies listed in the United States also fell by about 6 percent, while “KT Corp” and “KB Financial” fell by 3 percent and 1 percent, respectively.
The South Korean stock market has announced that it will operate as usual tomorrow, Wednesday.
Political background
This development comes in the light of escalating political tensions in South Korea.
In April 2024, the opposition Democratic Party won an overwhelming majority in parliamentary elections, complicating President Yun’s efforts to enact his policies.
The then president promised to implement “reforms” to meet the challenges arising from the opposition’s dominance in parliament.
In addition, the country has witnessed major political scandals in recent years.In 2017, the Constitutional Court upheld a parliamentary decision to impeach President Park Geun-hye over her involvement in a corruption scandal, leading to widespread protests and calls for reforms.
According to the South Korean constitution, the president has the right to proclaim himself Martial lawHowever, he must inform the National Assembly without delay, and if the Assembly requests the lifting of the state of emergency with the consent of the majority of its members, the President must comply.
These events also come in a tense regional context north korea Its southern neighbor was declared an enemy state in January 2024, which further increased tensions on the Korean Peninsula.
President Yun then responded by criticizing the move, promising a strong response to any provocations from Pyongyang.
It was reported that the president Yoon Suk Yeolwho took office in May 2022, in his inaugural speech called on North Korea to fully denuclearize in exchange for massive economic aid, stressing that Pyongyang’s nuclear arsenal poses a threat to global security.
