- South Korea's acting president, Han Duck-soo, is stabilizing the nation following President Yoon Suk Yeol's impeachment.
- Han assured U.S. President Joe Biden of South Korea's continued alliance and development efforts.
- The impeachment has led to widespread protests and potential charges against Yoon and senior officials.
- The Constitutional Court will decide on Yoon's fate within six months, potentially leading to a new election.
In a significant political development, South Korea's acting president, Han Duck-soo, has taken swift action to reassure the country's allies and stabilize financial markets following the impeachment of President Yoon Suk Yeol. Yoon was suspended from his duties over an attempt to impose martial law, a move that has sent shockwaves through the nation's political landscape.
Han, a seasoned technocrat who was chosen by Yoon as prime minister, has now assumed the role of acting president in accordance with the constitution. His immediate task is to navigate the country through this period of political uncertainty while Yoon's case is deliberated by the Constitutional Court.
In a bid to maintain continuity in foreign and security policies, Han held a phone conversation with U.S. President Joe Biden. Both the White House and Han's office confirmed the call. Han assured that South Korea would continue to uphold its alliance with the U.S. and work towards its development.
Political Repercussions and Public Response
The main opposition party, in a surprising move, announced that it would not seek Han's impeachment over his involvement in Yoon's martial law decision. Democratic Party leader Lee Jae-myung explained that the decision was made considering that excessive impeachments could lead to confusion in national governance.
Meanwhile, Yoon did not respond to a summons for questioning in a criminal investigation into his martial law decision. Prosecutors have promised to issue another order. Yoon, along with several senior officials, could potentially face charges of insurrection, abuse of authority, and obstructing people from exercising their rights.
The impeachment has sparked widespread protests, with approximately 200,000 demonstrators gathering outside the National Assembly building where Yoon was impeached. A smaller number of Yoon's supporters also held demonstrations in central Seoul.
Economic Impact and International Relations
The political crisis has raised concerns among South Korea's diplomatic partners and spooked financial markets. The country's ability to deter nuclear-armed North Korea is a particular concern. However, Biden reassured Han that the U.S.-South Korea alliance remains unchanged and that Washington would work with Seoul to further develop and strengthen the alliance.
In the economic sphere, South Korean shares rose for a fourth consecutive session on hopes that the political uncertainty would ease after the impeachment vote. Democratic Party leader Lee Jae-myung highlighted the urgent issue of declining consumption due to insufficient domestic demand and the government's reduced fiscal role. He proposed creating a National Stability Council for Governance, composed of the government and parliament, to address finance, the economy, and public welfare.
The Constitutional Court now has up to six months to decide whether to remove or reinstate Yoon. If he is removed or resigns, a new election will be held within 60 days. This situation presents international partners with months of uncertainty before a new president can be elected and a new government established.
