Austria’s vice chancellor Heinz-Christian Strache’s has announced his resignation after a meeting with a fake Russian oligarch.

A stunning video has brought Austria’s center-right coalition on the brink of collapse. The video shows the right-wing Vice-chancellor, Heinz-Christian Strache, discussing with an undercover person how he would take money from Russia to transform Austria’s media landscape. The resignation of Strache seems inevitable.

The Financial Times sees the potential for a rally of the Sterling.