Sweden Calls For Snap Election After Budget is Defeated

Sweden called its first snap election for more than half a century in March after a far-right party helped defeat the center-left minority government’s first budget in parliament on Wednesday.

Formed after a fractured September election that handed the anti-immigration Sweden Democrats the balance of power, Prime Minister Stefan Lofven’s Social Democrat-Green coalition has been widely viewed as Sweden’s weakest government in decades.

Shunned by mainstream parties, the Sweden Democrats have threatened to make Sweden effectively ungovernable unless the country adopts tough immigration policies like those of nearby Denmark, including a 90 percent cut in asylum seeker numbers.

Lofven blamed the four center-right parties which made up the previous, long-running Alliance government for giving the Sweden Democrats, who won 13 percent of the vote in September, an effective veto.

“They are allowing the Sweden Democrats to dictate the terms of Swedish politics,” Lofven said.

Fresh elections would “let voters make a choice in the face of this new political landscape,” he added.

via CNBC

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Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza
Alfonso Esparza

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