Austrian chancellor to stand down amid corruption probe

Austrian Chancellor Sebastian Kurz has announced that he will resign and suggested that Foreign Minister Alexander Schallenberg take his place.

"What we need now is stability. That's why I want to step aside to help resolve this stalemate, prevent chaos and guarantee stability," Kurz said on Saturday.

Kurz said he would stay at the helm of his liberal-conservative People's Party, which is governing the small Alpine nation in coalition with the Greens.

"I asked the People's Party to continue their work. As the party's leader, I suggested that the federal president, Alexander Schallenberg, take over as new head of government," he added.

The 35-year-old spoke days after prosecutors announced that the chancellor and nine of his allies were under a corruption investigation. They are suspected of using public funds to secure positive media coverage. (ANI/Sputnik)

( With inputs from ANI )