trending Market Intelligence /marketintelligence/en/news-insights/trending/UGhyFCtYnDNdI7dmqaTn2Q2 content esgSubNav
In This List

Reports: Austrian chancellor loses no-confidence vote

Blog

Latin American and Caribbean Market Considerations Blog Series: Focus on LGD

BLOG

Banking Essentials Newsletter: June Edition

Case Study

กรณีศึกษา A Bank Takes its Project Finance Assessments to a New Level

Blog

Fintech Intelligence Digital Newsletter: May 2021


Reports: Austrian chancellor loses no-confidence vote

Austrian Chancellor Sebastian Kurz lost a no-confidence vote in parliament on May 27 after a corruption scandal that ended his coalition government with the far-right Freedom Party, according to media reports.

Opposition parties voted down Kurz's remaining, minority government, saying he must share the blame for the video scandal that showed former Vice Chancellor Heinz-Christian Strache supposedly offering potential government contracts to a Russian investor in exchange for campaign support, Reuters reported.

Strache, the Freedom Party's leader, resigned a week ago following the release of a video, and other government ministers from the far-right party were later replaced by Kurz with civil servants.

Kurz, who already called for snap elections ahead of his government's collapse, was accused by the Freedom Party and the Social Democratic Party of using the controversy as an opportunity to consolidate power, The Associated Press reported.

With Kurz ousted, Austrian President Alexander Van der Bellen is expected to install an interim government that will serve until the parliamentary election planned for September.

Kurz's center-right People's Party won a 34.9% vote in the European Parliament election, up nearly 8 percentage points from 2014, topping the chart in Austria.