STORY: German Chancellor Olaf Scholz sacked his finance minister on Wednesday, collapsing the ruling coalition and paving the way for a snap election.
The political chaos in Europe's largest economy comes just hours after Donald Trump won the U.S. presidential election.
SCHOLZ: "I feel forced to take this step in order to avert damage to our country. We need a government capable of acting, that has the force to take the necessary actions for our country. That's what was important to me in the past three years. That's what's important to me now.
Scholz is now expected to head a minority government with his Social Democrats and the Greens - the second-largest party.
He would have to rely on cobbled-together parliamentary majorities to pass legislation.
He plans to hold a parliamentary confidence vote in his government on Jan. 15.
The collapse of Scholz's three-way alliance comes after months of wrangling over budget policy and Germany's economic direction.
Scholz said he fired Christian Lindner of the Free Democrats party for his obstructive behavior on budget disputes.
He accused the minister of putting party before country.
SCHOLZ: "Especially today, on a day with such an important event such as the U.S. election, such egotism is completely incomprehensible."
The government crisis comes at a critical juncture for Germany.
It's facing a flatlining economy, aging infrastructure, and an unprepared military.
All the while, the government's popularity is sinking ... and far-right and far-left forces are surging.
A political shake-up could fuel growing frustration with Germany's mainstream parties.
That could benefit younger populist movements, including the anti-immigrant Alternative for Germany.
