Think US politics is in turmoil? Check out SKorea's out-of-control presidential crisis - CNBC

JUNG YEON-JE | AFP | Getty Images

Protesters hold up signs reading 'Step down Park Geun-Hye' during a candle-lit rally in Seoul on October 29, 2016,

Park, 64, faces calls to resign or face impeachment for allowing a close friend, Choi Soon-Sil, to interfere in state affairs. Choi reportedly had access to classified documents without security clearance and was involved in presidential decision making, local media said. Choi, 60, is also accused of embezzlement, forcing conglomerates to make massive donations to nonprofit foundations, and getting preferential treatment from banks for loans.

Over the weekend, more than 10,000 people protested in Seoul and called for the President to step down, media widely reported. Choi was detained on Monday, and prosecutors raided eight banks on Tuesday to secure information on her transactions, Yonhap News said. Park's former senior aide Ahn Jong-beom was also detained on Tuesday for his suspected involvement in extracting funds from companies.

Despite the overwhelming public backlash, Eurasia puts the probability that Park will remain in office at 70 percent.

"Park will finish out her single, five-year term ending in February 2018, but she will likely renounce her membership in her party and be forced to turn over much of her authority to a new prime minister," Seaman explained, adding that her role would be restricted to a narrow range of foreign policy, defense, and national security issues.