By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
IndebtaIndebta
  • Home
  • News
  • Banking
  • Credit Cards
  • Loans
  • Mortgage
  • Investing
  • Markets
    • Stocks
    • Commodities
    • Crypto
    • Forex
  • Videos
  • More
    • Finance
    • Dept Management
    • Small Business
Notification Show More
Aa
IndebtaIndebta
Aa
  • Banking
  • Credit Cards
  • Loans
  • Dept Management
  • Mortgage
  • Markets
  • Investing
  • Small Business
  • Videos
  • Home
  • News
  • Banking
  • Credit Cards
  • Loans
  • Mortgage
  • Investing
  • Markets
    • Stocks
    • Commodities
    • Crypto
    • Forex
  • Videos
  • More
    • Finance
    • Dept Management
    • Small Business
Follow US
Indebta > News > South Korean president to ‘step back from state affairs’ after failed coup
News

South Korean president to ‘step back from state affairs’ after failed coup

News Room
Last updated: 2024/12/08 at 4:12 AM
By News Room
Share
4 Min Read
SHARE

Unlock the Editor’s Digest for free

Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter.

South Korean president Yoon Suk Yeol will step back from state affairs, including conduct of the country’s diplomacy, prime minister Han Duck-soo announced on Sunday, as his cabinet seeks to negotiate an “orderly exit”.

Yoon survived an impeachment attempt on Saturday night, after members of his conservative People Power party (PPP) boycotted the vote amid chaotic scenes in the country’s national assembly.

The result of the vote, which was met with dismay by the hundreds of thousands of people gathered outside parliament, is likely to prolong a mounting political crisis in Asia’s fourth-largest economy.

Opposition parties have promised to file the same impeachment motion every week until Yoon resigns or is removed over his failed attempt to impose military rule, during which he dispatched troops to try to stop parliament over-ruling his martial law decree.

Defending his party’s decision to boycott the impeachment vote, PPP leader Han Dong-hoon said that its leaders would “pursue an orderly resignation from Yoon” in order to “minimise confusion and turmoil”.

On Sunday, Han said in a joint public appearance with the prime minister that “president Yoon will not be involved in handling state affairs, including diplomacy, even before his resignation”.

“The government will do its best to keep the trust of our allies,” said prime minister Han, a Yoon appointee and career technocrat. “Most importantly, the approval of the government budget plan and accompanying bills is key to the country’s normal operation.”

Analysts said the PPP’s strategy appeared to be to avoid a split over an impeachment vote, while buying time to prepare for a presidential election that would follow Yoon’s departure.

But they warned the party’s deal with the president, which involved him delivering a terse, televised apology in his only public appearance since withdrawing the martial law decree, was unlikely to quell growing public anger.

On Sunday, prosecutors said they had arrested former defence minister Kim Yong-hyun, a high school classmate of the president accused of playing a central role in planning and executing the doomed martial law gambit. Kim resigned from his post in the aftermath of the apparent coup attempt.

Yoon, a staunch pro-American best known in the US for his rendition of “American Pie” at a state dinner in Washington last year, has repaired ties with neighbouring Japan and pursued a more hawkish stance towards North Korea and China than his leftwing predecessor Moon Jae-in.

Western diplomats expect any leftwing successor to halt burgeoning trilateral military and political co-operation with the US and Japan, pursue a more conciliatory line with North Korea, China and Russia and rule out arms supplies to Ukraine.

Read the full article here

News Room December 8, 2024 December 8, 2024
Share this Article
Facebook Twitter Copy Link Print
Leave a comment Leave a comment

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Finance Weekly Newsletter

Join now for the latest news, tips, and analysis about personal finance, credit cards, dept management, and many more from our experts.
Join Now
Trump’s immigration data dragnet

“I’ve seen the apps and I don’t like them,” says a DHS…

EU companies say ‘undervalued’ renminbi aiding China’s exporters

Unlock the Editor’s Digest for freeRoula Khalaf, Editor of the FT, selects…

Tesla profits fall, oil prices surge as US imposes sanctions on Russian oil

Watch full video on YouTube

Want To ‘Invest’ In OpenAI or SpaceX? What To Know About Tokenization

Watch full video on YouTube

GE Vernova Inc. (GEV) Discusses Financial Guidance, Multiyear Outlook, and Industry Growth Drivers Transcript

Operator Please welcome to the stage Vice President of Investor Relations, Michael…

- Advertisement -
Ad imageAd image

You Might Also Like

News

Trump’s immigration data dragnet

By News Room
News

EU companies say ‘undervalued’ renminbi aiding China’s exporters

By News Room
News

GE Vernova Inc. (GEV) Discusses Financial Guidance, Multiyear Outlook, and Industry Growth Drivers Transcript

By News Room
News

Ukraine strikes deal to restructure $2.6bn of growth-linked debt

By News Room
News

Boaz Weinstein’s $2bn flagship hedge fund sinks amid buoyant markets

By News Room
News

The power crunch threatening America’s AI ambitions

By News Room
News

REX American Resources Corporation 2026 Q3 – Results – Earnings Call Presentation (NYSE:REX) 2025-12-05

By News Room
News

Aurubis AG (AIAGY) Q4 2025 Earnings Call Transcript

By News Room
Facebook Twitter Pinterest Youtube Instagram
Company
  • Privacy Policy
  • Terms & Conditions
  • Press Release
  • Contact
  • Advertisement
More Info
  • Newsletter
  • Market Data
  • Credit Cards
  • Videos

Sign Up For Free

Subscribe to our newsletter and don't miss out on our programs, webinars and trainings.

I have read and agree to the terms & conditions
Join Community

2023 © Indepta.com. All Rights Reserved.

Welcome Back!

Sign in to your account

Lost your password?