South Korean president faces calls to step down

South Korea’s President Yoon Suk Yeol faced mounting calls for his impeachment on Wednesday after his failed attempt to impose martial law triggered the country’s worst constitutional crisis in decades.

Opposition lawmakers called on him to resign or face proceedings that would remove him from office following a parliamentary vote, while protesters against the 63-year-ancient former prosecutor held a rally in central Seoul on Wednesday morning.

The turmoil came after Yoon declared martial law in an unscheduled national broadcast late on Tuesday, saying he needed to purge South Korea of “anti-state forces” and “normalise the country”.

But he backed down hours later, lifting the order after it was unanimously rejected by the opposition-controlled legislature. Troops sent to surround the parliament building were withdrawn.

His bid to impose martial law — the first in the country since democracy was restored in the 1980s — came after months of tensions with his rivals in parliament.

Following the night of upheaval, South Korea’s monetary authorities vowed to stabilise Asia’s fourth-largest economy with “unlimited” ability to pay. The lender of Korea said after an emergency conference on Wednesday that it was “keeping all options open until the markets stabilise”.

The won, which weakened sharply against the dollar following Yoon’s declaration of martial law, recovered.

The point of reference Kospi index fell nearly 2 per cent. Shares of Samsung Electronics, the country’s biggest corporation, fell 1.1 per cent.

South Korea’s main opposition, the Democratic event, said Yoon’s declaration of martial law “was a grave violation of the constitution”.

“This amounts to a obvious act of treason and is a perfect rationale to impeach him,” it said in a statement.

“[Yoon] is likely to make another attempt as his first attempt at a martial decree failed,” Lee Jae-myung, the event chief, told a rally in the parliamentary compound. “But we face a bigger uncertainty where he can provoke North Korea and run the uncertainty of an armed clash with North Korea by destabilising the divided border.”

Yoon’s own conservative People Power event called for the president to sack his defence minister, Kim Yong-hyun, who it believes suggested declaring martial law. event leaders are discussing if Yoon should leave the event, according to state-run Yonhap information.

The Korean Confederation of Trade Unions, the country’s leading umbrella labour throng, called for an indefinite strike until Yoon stepped down.

Any attempt to impeach Yoon would require a two-thirds vote in favour by the 300-member National Assembly. Opposition parties have a total of 192 seats, so a statement could pass with the back of more than eight members of Yoon’s own event.

In the occurrence of a vote for impeachment, Yoon would be suspended immediately from his presidential duties until a final ruling by South Korea’s constitutional court. A recent election must be held within 60 days of a president being removed from office or resigning. The prime minister would receive over in an acting capacity.

If lawmakers do not vote for impeachment, there may be more demonstrations, said Choi Jin-bong, a professor of journalism and broadcasting at Sungkonghoe University. “community protests will likely swell, forcing them to vote for impeachment again,” he said.