Sweden's former Minister for Finance has apologised after it emerged that he exposed himself and verbally abused women at a party in Stockholm this weekend.

Anders Borg, 49, took to Facebook to say sorry for his behaviour, which allegedly included showing other guests his penis and calling female guests 'whore' and 'slut', saying he 'blacked out'.

Borg was Sweden's Minister for Finance from 2006 to 2014 and was widely hailed as the man responsible for his country emerging from the 2008 global recession virtually unscathed.

Apology: Sweden's former Minister of Finance, Anders Borg, pictured with his fiancee Dominika Peczynski, allegedly exposed himself, and grabbed other men's genitalia in a bid to start a penis measuring competition at the elite party in Stockholm

Not-so statesman like: Borg, pictured with ex-Prime Minister Fredrik Reinfeldt, also called female guests 'whore' and 'slut' and behave abusive with the host

The incident reportedly took place at a private party on Husarö, an island in the Stockholm archipelago, on Friday.

Swedish media reports that some 60 people were in attendance, including several members of the Swedish political and financial elite and a number of families with children.

At around 11pm a 'noticeably intoxicated' Borg exposed himself to guests, grabbed other men's genitals and tried to initiate a penis-measuring competition, Aftonbladet reports.

He also became verbally abusive, calling female guests 'slut' and 'whore', and threatened the host of the party over sleeping arrangements.

'He was very drunk and very pissed off. He acted incredibly inappropriately. It was very uncomfortable to watch,' a guest told the newspaper.

Sorry: Borg took to Facebook to apologise for his behaviour saying he 'blacked out'

In the wake of the revelations, Borg took to Facebook to apologise and explain himself.

'I was at a party at the weekend and suffered a blackout. I don't drink more than most, but have been under a lot of pressure in recent months and it must have taken its toll. I have been told afterwards that I acted very inappropriately.

'I want to sincerely apologies to those in attendance who took offence. I am very disappointed and regret my behaviour.'

Borg has received dozens of supportive comments on his Facebook post, including from his former pop star and model fiancée, Dominika Peczynski.

Peczynski, a member of 90s band Army of Lovers who once posed for Playboy Scandinavia, is now a PR executive who started dating Borg after his divorce from the mother of his three children in 2015.

She wrote, 'I love you Anders, I know it wasn't the real you that was on show'.

During his time in office, Borg was one of Europe's best known finance ministers and Sweden's longest serving de-facto Chancellor since 1976.

Despite years of studies at Uppsala and Stockholm University at both undergraduate and graduate levels, he has yet to earn an academic degree.

After serving in two consecutive centre-right governments he entered the corporate sector. He is deputy chairman of investment company Kinnevik and became an adviser for Citigroup in 2015.