Martial law plunges S.Korea into major political crisis

WHY DID YOON DECLARE MARTIAL LAW?

South Korean President Yoon Suk-yeol said opposition parties had taken the parliamentary process hostage.

"I declare martial law to protect the free Republic of Korea from the threat of North Korean communist forces, to eradicate the despicable pro-North Korean anti-state forces that are plundering the freedom and happiness of our people, and to protect the free constitutional order," Yoon said.

Yoon did not cite any specific threat from the nuclear-armed North, instead focusing on his domestic political opponents.

He complained of 22 impeachment motions filed against administration officials since he took office in May 2022.

The president's approval ratings have hovered near record lows amid a burgeoning influence peddling scandal and clashes with the opposition-controlled parliament over budgets and investigations.

WHAT STEPS DID THE MILITARY TAKE?

The military named Army Chief of Staff General Park An-su, a four-star general, to head a martial law command and released the decree effective at 11pm on Tuesday.

Besides banning political activity and restricting the media, the decree also ordered striking doctors back to work.

Those who violate martial law could be arrested without a warrant, it said.

Masked martial law troops equipped with rifles, body armour and night-vision equipment entered the National Assembly where they faced off with staffers who opposed them with fire extinguishers.

WHAT WAS THE RESPONSE?

Thousands of demonstrators gathered outside the parliament where there were minor clashes with police and military.

MPs gathered to vote against martial law, as both opposition MPs and leaders of Yoon's own party decried it as unconstitutional.

All 190 of the MPs present voted to lift martial law, including 18 from Yoon's own party.

Yoon ordered troops to pull back and later lifted the decree after convening a cabinet meeting.

Some foreign embassies in Seoul warned their citizens to take caution.

Officials in the United States, Britain, Germany, and elsewhere said they were concerned about the developments and said peaceful rule of law should prevail.

HOW DID MARKETS REACT?

The won tumbled to a two-year low before steadying as dealers reported suspected intervention by South Korean authorities, while stocks in Seoul fell about two per cent on Wednesday. The finance ministry said it was ready to deploy "unlimited" liquidity into financial markets if needed, and the Bank of Korea also pledged support.

WHAT HAPPENS NEXT?

Opposition MPs called on Yoon to resign or face impeachment. His chief of staff and other officials offered to resign en masse, while the leader of his ruling party called for the defence minister to be fired and the entire cabinet to resign.

More protests are expected with South Korea's largest union coalition, the Korean Confederation of Trade Unions, planning to hold a rally in Seoul and vowing to strike until Yoon resigns.

Diplomatic engagements, including a visit by the prime minister of Sweden and a meeting of the US-South Korea Nuclear Consultative Group, were postponed.