Austrian Chancellor Sebastian Kurz said Saturday that he will step down in a bid to defuse a government crisis triggered by prosecutors' announcement that he is a target of a corruption investigation.

Iran PressEurope: Kurz, 35, said he has proposed to Austria's president that Foreign Minister Alexander Schallenberg become chancellor. But Kurz himself will remain in a key political position: he said he will become the head of his conservative Austrian People's Party's parliamentary group.

Austria's conservative Chancellor Sebastian Kurz resigned on Saturday to pull his coalition government back from the brink of collapse after the junior party demanded his head because he has been placed under investigation on suspicion of corruption.

The building of the Austrian Ministry of Finance and the Office of the Prime Minister were among the places targeted by the judicial investigation. 219