Remember one month ago when the president of South Korea declared martial law? If not, let me catch you up.
On December 3, Yoon Suk Yeol declared martial law, meaning civilian rule would be suspended for military authority. Why did he take such serious actions, you might ask? It is believed that his decision was the result of disagreements with the opposing political party; however, this did not last long. With the help of the public and the National Assembly, martial law was lifted only a day later on December 4. Despite this short-lived law, damage had unfortunately already been done.
The won (South Korean currency) was weakened by 3.9% compared to the U.S. dollar after the martial law crisis, and stocks dropped heavily. The Kosdaq (Korea’s Nasdaq) and Korea’s Kospi index both dropped in value. Additionally, the public became extremely chaotic as over 120,000 protesters faced off against 300 armed soldiers.
So, what is happening in South Korea now? After refusing to comply with the criminal court, Yoon Suk Yeol was detained on January 15 and is now awaiting his trial. It is said to last about six months, and the charges are grave. Prosecutors are accusing President Yoon Suk Yeol of rebellion in connection with his declaration of martial law and putting South Korea into a political, economic, and international crisis. With such charges, Yoon Suk Yeol is potentially looking at the death penalty or life in prison.
This was a brief summary of the crisis that unfolded in South Korea over the past months, and we, Patriot Press, will keep you updated on any further developments.