Major realignments loom in South Korean politics after the opposition's first victory in a presidential election, analysts said yesterday. "There will be a `big bang'," said Prof Kim Byung-kook, of Korea University. "But what kind of realignment will emerge is uncertain, as South Korean party politics are not based on ideology."
Mr Kim Dae-jung's victory has led the country politically into unexplored territory. Analysts said the Grand National Party, which holds a majority in the National Assembly, may fall apart after the narrow defeat of its candidate Mr Lee Hoi-chang to Mr Kim, of the National Congress for New Politics.
It is the first time the governing party has lost a presidential election.
The recently-formed Grand National is the latest incarnation of the party which has long ruled South Korea under various names. "We can expect a split in the Grand National Party," said Mr Chang Hyun-joon, of the Choongang Ilbo newspaper. "Change in the political structure is now inevitable and those with vested interests will try to resist."
South Koreans are familiar with political parties merging, breaking up and reforming almost overnight. President-elect Kim Dae-jung's victory is itself the result of an alliance with his former political enemy, Mr Kim Jong-pil.
Mr Lee Hoi-chang held a news conference yesterday to congratulate Mr Kim, while calling for unity in his own party's ranks.
But Prof Lee Ki-tak, of Yonsei University, was sceptical Mr Lee could hold the party together. He noted the good showing of ruling party renegade Mr Rhee In-je, who also ran in the election. Mr Rhee basically denied Mr Lee Hoichang victory by drawing 19 per cent of the vote away from him.
Mr Kim's and Mr Rhee's parties need to work together from next week, when the National Assembly reconvenes to pass controversial financial reform legislation required under the International Monetary Fund's $60 billion bailout programme.