In an unexpected turn-of-events President Yoon Suk Yeol declared martial-law in South Korea about a year ago which triggered a nation-wide crisis and quick back-track
The military take-over attempt saw armed-forces break into the parliament building through windows while choppers flew above (a scene that shocked many citizens). Parliamentary staff used fire-extinguishers to hold back soldiers; while outside anti-government groups clashed with police
We will inject unlimited liquidity into stocks bonds short-term money market as well as forex market
The market response was quick: stocks dropped 2 percent and the won hit a two-year low. Finance chiefs held late-night meetings to control the situation; promising full market support
- Opposition parties called for impeachment
- Presidential staff offered mass resignation
- Labor unions planned nation-wide strikes
- Major companies told workers to stay home
The parliament with 190 out of 300 members present voted to end martial-law which Yoon had to accept. His support sits at just 20% since his narrow win in early-2022: after his party lost big in mid-2023 elections getting only 108 seats
US Secretary Blinken welcomed the quick end to martial-law but defense talks got delayed. This crisis marks the first martial-law attempt since 1980 in this key Asian economy that hosts 28500 US troops