Austria Forms Coalition with Historic Left-Wing Finance Minister

Austria reveals a new coalition government excluding the far-right, introducing its first left-leaning finance minister in 25 years. As the People's Party, Social Democrats, and Neos unite, their program emphasizes reduced budget deficits and fair investment strategies, awaiting a crucial vote confirming this alliance.

The Austrian political landscape is set for a significant shift as the People's Party, Social Democrats, and Neos plan to form a coalition government, notably excluding the far-right party. They have revealed a groundbreaking appointment: Austria's first left-wing finance minister in over two decades.

The coalition, announced after the Freedom Party's inability to form a government, seeks to prevent a snap election which polling suggests could benefit the far-right further. Led by the OVP's Christian Stocker, the new government intends to address pressing economic challenges.

Key to their agenda is reducing the budget deficit, with new finance minister Markus Marterbauer championing investments to avoid economic crises. The Neos will soon vote on their participation, the final hurdle before the coalition takes office next Monday.

(With inputs from agencies.)