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SOUTH KOREA: Parl't In Lockdown, Justice Min & PPP Head Opposes Martial Law

SOUTH KOREA
EM BulletHomepagemarkets-real-timeAPACPolitical RiskPolitical Risk BulletSouth KoreaBulletEmerging Market News

Reports from South Korea claim that the National Assembly has been put under lockdown as part of President Yoon Suk-yeol's declaration of emergency martial law. The Assembly members' entrance and exit are said to be closed off, while YTN carries pictures showing police buses blocking the main entrance to parliament. The main opposition liberal Democratic Party of Korea (DPK) has instructed its lawmakers to gather at parliament, risking a standoff. 

  • Justice Minister Han Dong-hoon, who also serves as leader of the conservative People Power Party (PPP) of which Yoon is a member, said "The president's martial law declaration is wrong. We will stop it along with the people,"
  • Yoon's gov't has struggled to get its 2025 budget through the National Assembly in which DPK holds a majority. BBG reported on 2 Dec some of the details that may have spurred Yoon's actions:
    • "Yoon’s government submitted a 677.4 trillion won ($483 billion) budget earlier this year,[...] [The DPK] last week sliced 4.1 trillion won from the total and is looking to force through the change...The move appears aimed at curbing the power of Yoon’s office and prosecutors [...] while showing the limitations of the president’s use of veto power....A successful bid to force through the amended budget would be an embarrassing loss for Yoon’s minority government [...] Yoon’s office has derided the cuts as the “tyranny of the majority,” but is unable to veto the change if parliament votes in its favor."
  • If related to the political impasse, the imposition of martial law - the first time in 44 years -  would be the most drastic measure possible and pose a material risk to social stability. Public protests are barred under the provisions of marital law, but that is no guarantee that mass public opposition to Yoon's move does not become apparent. 
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Reports from South Korea claim that the National Assembly has been put under lockdown as part of President Yoon Suk-yeol's declaration of emergency martial law. The Assembly members' entrance and exit are said to be closed off, while YTN carries pictures showing police buses blocking the main entrance to parliament. The main opposition liberal Democratic Party of Korea (DPK) has instructed its lawmakers to gather at parliament, risking a standoff. 

  • Justice Minister Han Dong-hoon, who also serves as leader of the conservative People Power Party (PPP) of which Yoon is a member, said "The president's martial law declaration is wrong. We will stop it along with the people,"
  • Yoon's gov't has struggled to get its 2025 budget through the National Assembly in which DPK holds a majority. BBG reported on 2 Dec some of the details that may have spurred Yoon's actions:
    • "Yoon’s government submitted a 677.4 trillion won ($483 billion) budget earlier this year,[...] [The DPK] last week sliced 4.1 trillion won from the total and is looking to force through the change...The move appears aimed at curbing the power of Yoon’s office and prosecutors [...] while showing the limitations of the president’s use of veto power....A successful bid to force through the amended budget would be an embarrassing loss for Yoon’s minority government [...] Yoon’s office has derided the cuts as the “tyranny of the majority,” but is unable to veto the change if parliament votes in its favor."
  • If related to the political impasse, the imposition of martial law - the first time in 44 years -  would be the most drastic measure possible and pose a material risk to social stability. Public protests are barred under the provisions of marital law, but that is no guarantee that mass public opposition to Yoon's move does not become apparent.