South Korean President Yoon faces crisis over "orderly resignation" proposal.

Ruling Party Proposes "Orderly Resignation"

On December 8th,How to trade US dollars the leader of South Korea's ruling party, the People Power Party, Han Dong-hoon, along with Prime Minister Han Deok-soo, jointly proposed a political stability plan suggesting President Yoon Suk-yeol step down early. The plan proposes that his powers be jointly assumed by the Prime Minister and the ruling party leader to reduce political turmoil. In his speech, Han Dong-hoon condemned the emergency martial law event on December 3rd, calling it "unconstitutional," and emphasized that the swift lifting of martial law through "legal means" demonstrated the maturity of South Korea's democratic system.

Han Dong-hoon stated that the majority of the public believes Yoon Suk-yeol can no longer govern effectively during his remaining term, hence the ruling party will expedite the formulation of a specific resignation plan. Before Yoon Suk-yeol steps down, he will no longer be involved in foreign affairs or other national affairs. Prime Minister Han Deok-soo emphasized that the government will fully maintain the South Korea-U.S. alliance and South Korea-U.S.-Japan cooperation, while urging bipartisan efforts to pass the budget bill to stabilize livelihoods and the economy.

Opposition Party Strongly Opposes

Lee Jae-myung, leader of the main opposition Democratic Party, criticized the proposal as another breach of constitutional order. He stated that the transfer of presidential power can only proceed according to the constitution, and the early resignation plan is a continuation of internal turmoil depicted as "a change of soup but not the medicine." The Democratic Party also accused the ruling party of attempting to circumvent Yoon Suk-yeol's impeachment through a "proxy president" scheme, calling it a disdain for the constitution.

National Assembly Speaker Woo Won-sik also opposed the proposal, stressing that the transfer of presidential power must adhere to the principle of national sovereignty, and any unconstitutional actions will be held accountable. An editorial in the Hankyoreh newspaper criticized Han Dong-hoon's political maneuvers as being full of self-interest, labeling his so-called "orderly resignation" a makeshift strategy designed to elevate personal status.

Yoon Suk-yeol Faces Judicial Investigation

Meanwhile, South Korean prosecutors have launched an investigation into Yoon Suk-yeol for alleged insurrection and abuse of power, arresting former Defense Minister Kim Yong-hyun. Two other key officials involved—Minister of the Interior and Safety Lee Sang-min and Defense Minister Kim Yong-hyun—have resigned to take responsibility for the incident.

Political Crisis Affects Economy and Diplomacy

The Korea Times reported that the failure to pass the impeachment of Yoon Suk-yeol has exacerbated uncertainty in South Korea's political and economic landscape. The opposition party vows to push for new impeachment motions weekly, and the political unrest has negatively impacted government economic policies and diplomatic affairs.

The report suggests that the government's semiconductor support policies and related legislation may be indefinitely delayed. Diplomatically, the planned meeting between Yoon Suk-yeol and U.S. President-elect Trump early next year, as well as the visit of Japanese Prime Minister Shigeru Ishiba to South Korea, are at risk of cancellation due to the political upheaval. A diplomatic analyst warned that this crisis might signal the end of the Yoon administration's diplomatic endeavors.

South Korea's political crisis is profoundly affecting its domestic and international affairs. As questions intensify regarding the legitimacy of Yoon's presidency, the future developments are likely to keep international observers closely interested.

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