Austro-Canadian billionaire Frank Stronach has formed a new political party that proposes reforming the euro and introducing a flat tax in Austria.
The party, named “Team Stronach,” is also in favour of a decentralized European Union and simplified governmental structures in Austria.
In addition to his plans of balancing Austria’s budget, 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.
And while most Austrians are fed up with the currency crisis, there are fears eliminating the euro would be risky and drive up the cost of exports. Others wonder if Austria is simply too small to have its own currency.
Stronach begs to differ. If he gets his way, Austria will leave the euro.
“A currency usually is the soul, the reflection of the economy of a country. So that would mean we should have a changeable currency depending on the strength of the economy of various countries,” he tells Global National‘s Stuart Greer in Vienna.
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Stronach is banking on Team Stronach to win over Austrians who are becoming increasingly bitter over the endless bailouts being paid to the debt-ridden countries of southern Europe.
“A lot of people here know that it’s a great mess.”
Describing himself as “a man of the people,” Stronach’s campaign video features glowing endorsements from celebrities and former political leaders, such as former Prime Minister Brian Mulroney, ex-U.S. President Bill Clinton and former CNN talk show host Larry King.
The Austrian-born Stronach, who moved to Canada in his early 20s, needs no introduction in his homeland. But that doesn’t necessarily make him popular.
One voter told Global News she wouldn’t vote for Stronach “because he’s very rich. He’s a millionaire and that doesn’t fit for me.”
Another person said Stronach was too old.
Recent polls show he is backed by only 10 per cent of the electorate. His party, however, could win enough seats to hold the balance of power in a coalition government.
Stronach is confident Team Stronach can win up to a third of the popular vote. “A man’s got to look in the mirror, he has to do the things he thinks he has to do.”
He has time to drum up support. Austria’s next election isn’t until autumn 2013.
Stronach announced the formal founding of his party in late September, saying it’s a day “that will go down in the history of Austria and also in the history of the world.”
His family used to control auto parts giant Magna International until he gave it up in exchange for about $1 billion in cash and shares.
Stronach used to be one of Canada’s richest people. His daughter Belinda was elected as a Conservative MP in 2004 before crossing the floor to the Liberals in 2005. She left politics in October 2008.
Follow Stuart on Twitter: @globalgreer
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