Anders Borg, the outgoing Swedish finance minister, delivered a parting shot for incoming politicians, telling CNBC that the country was set for a weak government that would struggle to push through any budget proposals.
Borg, who served eight years in government over the course of two terms, announced that he was to leave politics after elections held on Sunday showed his center-right Moderate Party had been ousted by Sweden's center-left Social Democrats. The far-right, anti-immigration Sweden Democrats became the country's third largest party.
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"I've decided to leave politics....to my mind it wasn't an option to become the party leader," Borg told CNBC on Tuesday.
Stefan Lofven emerged as the victor in the general election with the left-leaning politician promising to curb tax cuts and reverse the reduction in welfare spending. However, the party fell short of a parliamentary majority and the wrangling to form a coalition with the Greens and the Left Party has already begun. Lofven has told the Swedish that he would not be prepared to work with the far right party, called the Sweden Democrats, who polled 13 percent on Sunday.
Borg said that if the new government didn't give up on its core policy then it could have "tremendous trouble" in getting its budget through parliament. He warned that a very weak government has been left in charge and there is a clear rise of political uncertainty in Sweden.
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The former finance minister who served two terms with Prime Minister Fredrik Reinfeldt - who has also announced his resignation - became an integral part of European Union meetings during the global financial crisis and the sovereign debt crisis that followed it. He told CNBC that he would continue to participate in discussions on the global macroeconomic situation in the future and would see what offers start to "pour in."
"My background is in investment banking....I'll see what the options are for me," he said, adding that he would like to work for an international financial institution.
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