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Stefan Löfven at a press conference after the no-confidence vote. Photo: Anders Wiklund/TT News Agency/AFP via Getty Images

Swedish Prime Minister Stefan Löfven was ousted from government on Monday after losing a no-confidence vote in parliament, CNN reports.

Why it matters: This makes Löfven the first Swedish prime minister to be removed from his position by opposition lawmakers. He now has one week to either call for snap elections or resign to allow cross-party negotiations on a new majoirty, per CNN.

The state of play: The no-confidence motion required 175 votes to pass and received 181, reports CNN.

  • The motion was initiated by the Left Party, who said it "it lost confidence in Löfven over a proposal to abolish rent controls on newly built properties," according to NPR.

The state of play: Löfven's own "fragile" governing coalition was a mix of fragmented parties, per The Guardian.

  • Currently, "with the two main left and rightwing blocs still deadlocked in parliament and evenly balanced in opinion polls, it is not clear how a new administration could be formed or whether fresh elections would resolve the situation," notes The Guardian.
  • Löfven echoed this sentiment when addressing parliament on Monday, saying that Sweden is now in a "difficult political situation," per CNN.

Go deeper

Jun 20, 2021 - World

Macron's party loses big in France's regional elections

Emmanuel Macron, wearing a mask, waves as he visits a polling station in Le Touquet, during the first round of the French regional elections on June 20, 2021. Photo: Christian Hartmann/POOL/AFP via Getty Images

French President Emmanuel Macron’s centrist party, La République en Marche, garnered only 10.9 % of the vote in Sunday's regional elections, which saw bigger wins for mainstream left-and-right wing parties, according to an exit poll by Elabe.

Why it matters: Sunday's regional elections are seen as a barometer for next year's national elections, which are only 10 months away, Politico reports.

Updated 27 mins ago - Health

This arthritis drug cost $198 in 2008. Now it's more than $10,000

Illustration: Aïda Amer/Axios

In 2008, a box of 30 anti-inflammatory rectal suppositories that treats arthritis, called Indocin, had a price tag of $198. As of Oct. 1, the price of that same box was 52 times higher, totaling $10,350.

Why it matters: As federal lawmakers continue to waver on drug price reforms, Indocin is another example of how nothing prevents drug companies from hiking prices at will and selling them within a broken supply chain.

Fintech's record year

Illustration: Annelise Capossela/Axios

Massive venture rounds into fintech companies have ballooned this year, pushing up total dollars invested — in just the first three quarters of 2021 — to nearly double the amount in all of 2020, per new PitchBook data.

Why it matters: The maturing of fintech startups means a growing number of companies are able to raise huge later-stage funding rounds as investors look to lock-in their bets.