AP News

Austro-Canadian magnate forms new political party


VIENNA (AP) — Austro-Canadian billionaire Frank Stronach has formed a new political party that proposes reforming the euro and introducing a flat tax in Austria.

His "Team Stronach" also is in favor of a decentralized European Union and simplified governmental structures in Austria.

The 80-year-old Stronach wants a re-evaluation of the common European currency for each country, with the value of the euro in Germany as the benchmark. He also seeks to balance the Austrian budget.

Stronach announced the formal founding of his party Friday, saying it's a day "that will go down in the history of Austria and also in the history of the world."

He described himself as "a man of the people."

Polls show his party backed by up to 10 percent of the electorate.


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