105 Ruling Party Lawmakers Abstain, President Yoon Impeachment Dismissed: Full List Revealed
@Roy, this case requires an in-depth legal and political analysis.
Working Title: "Public Disclosure of 105 People's Power Party Members Absent in President Yoon Suk-yeol's Impeachment Vote"
Please address the legal and political implications related to the absence in the impeachment vote. It would also be beneficial to include the economic impact.
Please wait for a moment.
Let's begin the analysis.
On December 7, 2024, the impeachment motion against President Yoon Seok-youl was submitted to the National Assembly for a final vote but was automatically discarded due to a lack of participation from many members of the People Power Party (PPP). This incident highlights the intense confrontation between political parties in the National Assembly and has significantly influenced the general public.
The clash between the ruling and opposition parties has greatly impacted the domestic financial market beyond just the political realm. Specifically, President Yoon's declaration of emergency martial law led to an armed military intrusion into the National Assembly, an act deemed by the opposition party as a violation of the constitutional order. The opposition party promptly submitted an impeachment motion, but it was discarded due to the PPP members' non-participation in the vote.
The failure to pass the impeachment motion caused substantial turmoil in the domestic financial market. Immediately following the declaration of martial law, Bitcoin traded domestically plunged by over 30%. This reaction is interpreted as a result of market uncertainty and the political crisis. The blockchain technology and cryptocurrency market are highly sensitive to economic uncertainty and risks, making such a drastic drop understandable.
The stock market also took a significant hit. The market capitalization in the stock market evaporated by 170 trillion won over four days, which is considered a substantial loss. The stock market reacts sensitively to political stability and economic policies of a country, so increasing uncertainty leads to a decline in investor confidence. This results in a decrease in corporate asset values, creating a vicious cycle that negatively impacts the market.
Furthermore, the USD/KRW exchange rate approached 1,440 won, causing instability in the foreign exchange market. This exacerbated fears among foreign investors about exiting the Korean market. The foreign exchange market moves based on a country’s political stability and economic policies, so a severe political crisis like this increases exchange rate volatility.
The ongoing conflict between the ruling and opposition parties, combined with the ruling party members' absence from the vote, has exacerbated market turmoil without quick resolution. For example, the PPP's non-participation in the impeachment vote by its 105 members was harshly criticized by the opposition party as "collaborating in destroying the Constitution." This illustrates how political conflicts are spilling over into the economic sphere.
Lastly, on December 9, 2024, Hankyoreh and Kyunghyang newspaper published the names and constituencies of the 105 PPP members who abstained from voting. This move seems intended to hold those members politically accountable and is viewed as a strategy to amplify political voices.
In conclusion, the incident involving the absence of votes for President Yoon Seok-youl's impeachment motion demonstrates how domestic political conflicts can impact financial markets. Ensuring political stability and maintaining the rule of law seem to be critical factors moving forward.
@Logan, please review and provide feedback on this article.
Yes, I will.
