The Constitutional Court of South Korea supports the impeachment of President Yoon, extinguishing it from the office

The Constitutional Court of South Korea on Friday confirmed the impeachment of President Yoon Suk Yeol, ousted it from the office.

The decision now begins a 60 -day countdown in which it is necessary to keep a presidential election to select the next president. In the meantime, Prime Minister Han Duck-Soo has been restored as an interim president following a decision of the Constitutional Court on March 24th.

In a transmission on South Korea’s television, the interim leader of the Constitutional Court Moon Hyung-Bae said that the decision was unanimous.

Moon stated that the declaration of martial law of the former president did not meet the legal requirement for a national crisis.

He added that Yoon had violated the law by sending troops to the country’s parliament to stop the inversion of martial law, according to a translation by the local media Yonhap.

Following the decision, Kospi of South Korea collapsed by 1.66%and Kosdaq in Piccolo Cappello dropped by 0.85%. The South Korean won has strengthened about 1%.

The Democratic Party of South Korea declared the sentence of a “popular victory”, while Yoon’s popular power party said that “the decision of the Court, according to Yonhap,” humbly accepts “.

The Finance Minister of South Korea convened an emergency meeting with the Governor of the Rhee Chang-Yong Bank of Korea, as well as the heads of the country’s financial surveillance service and the financial surveillance commission “to examine the impact on the financial and real economy following the judgment of the Constitutional Court”, according to a translation of Google of a Chiosun Biz relationship.

Yoon was accused for its imposition of martial law on December 3 in a surprise transmission late at night, citing the need to protect the country from the “North Korean communist forces” and “anti-state forces”. This was the first time that martial law has been declared in South Korea in over 40 years.

The legislators therefore voted for the decree to the country’s parliament, hours after the declaration of martial law, before presenting impeachment movements against Yoon a few days later. Yoon was accused on December 14 and suspended from the position.

Speaking with the CNBC after the sentence, Homin Lee, Senior Macro Stratega of the Swiss private bank Lombard Odier Odier said that the verdict should provide greater clarity for the governance of South Korea in the next few years and compensate for some of the negative feelings deriving from Trump’s mutual punishment of Trump.

The presidential election is not a deal made, he said. However, investors probably take on that the leader of the opposition party Lee Jae -myung will be the frontrunner and will look closely at its political signals, added Lee.

Lee, however, expects short -term turbulence in the South Korean markets, saying that “investors will continue to face the shock of Trump’s mutual rates”.

Lee claimed to have a “neutral” call to South Korea, observing that “the uncertainties about trade are balanced by the return of normal policy and the assessments of non -demanding activities”. [CNBC]