South Korean president Yoon impeached: "Significant crisis to hit the country"

CGTN Europe

CGTN Europe interviewed Lim Jeong-won, a national reporter for The Korea JoongAng Daily

Transcript

00:00Lim Jong-won is a national reporter for the Korea Joongang Daily, an English-language

00:05newspaper in Seoul.

00:07Well, the mood is quite joyous over here in South Korea.

00:11I am actually right by the National Assembly right now.

00:15And the police estimate that there has been at least 85,000 out on the streets today.

00:22And so the mood is quite jubilant after the impeachment vote has passed.

00:30Political crises are not new for South Korea.

00:33How does this one rank, in your opinion, compared to previous episodes of political instability

00:38in South Korea?

00:39I would say this is one of the most significant crises to hit South Korea in modern times,

00:44seeing the historical gravity that martial law holds.

00:48Because the impeachment itself of President Moon is the third such event in South Korean

00:51history following the impeachments of Presidents Roh Moo-hyun and Park Geun-hye, noting that

00:56Roh's impeachment wasn't upheld by the Constitutional Court, and he returned to office to complete

01:02his term.

01:03But Roh's brief imposition of martial law adds a unique and severe dimension, as it

01:07is the first instance of martial law declaration in over four decades.

01:13And how has this crisis affected public confidence in South Korea's political system and its

01:18democratic institutions?

01:20Well, while we do not have the specific poll data yet on public confidence after this crisis,

01:26we're still in the immediate aftermath of what's been going on.

01:29Many experts I've talked to say that public confidence in democratic institutions itself

01:34will not change drastically.

01:36It all hangs on how the legal rulings from the Constitutional Court comes out.

01:40If the impeachment is upheld, that may allow for the public to trust institutions still.

01:44And a professor at Seoul National University that I talked to said that the fact that South

01:49martial law was lifted so quickly and that everyone stood against you is a sign that

01:53South Korean democracy is still very resilient.

01:57So what happens next?

01:58There are quite a few months before the Supreme Court makes its final judgment.

02:02Is there still a risk of serious instability, financial instability, in the markets, for

02:06example?

02:07Well, political instability has led to immediate economic repercussions, including a decline

02:12in the stock market and a dip in the value of the won.

02:16The benchmark KOSPI index fell nearly 2 percent, and the won hit a two-year low against the

02:21U.S. dollar.

02:22So investors expressed concerns about prolonged instability, potentially leading to a Korea

02:26discount, where South Korean assets are undervalued due to perceived risks.

02:31And with Prime Minister Han Deok-su now acting as interim president, what challenges will

02:35he face and the government face in maintaining stability?

02:40Prime Minister Han Deok-su serving as acting president must navigate political polarization,

02:45restore public trust and ensure governmental continuity, to managing relations with the

02:50opposition and addressing economic concerns are critical to maintaining stability during

02:54this transitional period.

02:56So additionally, ongoing criminal probes could further complicate governance if they lead

03:01to indictments of key officials at this time.

03:04And how could these events impact South Korea's relations with the DPRK, particularly in terms

03:09of security and diplomacy?

03:12Well, the political turmoil may embolden North Korea to exploit perceived weaknesses in South

03:18Korea's leadership, potentially leading to increased provocations.

03:22The crisis could disrupt diplomatic efforts and coordination on security matters, complicating

03:27inter-Korean relations and regional stability.

03:30So North Korean state media may use the situation to criticize South Korean democracy as seen

03:36in past instances of political instability.

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