Frank Stronach forms new Austrian political party
Magna International Inc. Chairman Frank Stronach speaks at the company's annual general meeting in Markham, Ont. on Wednesday May 4, 2011. (Frank Gunn / THE CANADIAN PRESS)
Published Thursday, September 27, 2012 12:16PM EDT
Last Updated Thursday, September 27, 2012 12:32PM EDT
VIENNA, Austria - 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 favour 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 per cent of the electorate.