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Greek FM Varoufakis resigns

July 6, 2015

Greek Finance Minister Yanis Varoufakis has announced his resignation. The shock move comes a day after Greeks voted to reject the conditions of a bailout package proposed by the country's international creditors.

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Yanis Varoufakis ANDREAS SOLARO/AFP
Image: A. Solaro/AFP/Getty Images

In a statement released on Monday, Varafoukis said he was resigning after being "made aware" that he was unwelcome at meetings of eurozone finance ministers and that his absence at such meetings was "judged [by Prime Minister Alexis Tsipras] to be potentially helpful to him in reaching an agreement."

Varoufakis had often clashed with creditors in negotiations over the past months.

The move comes as a surprise after the "No" vote in Sunday's referendum, which appeared to bolster the government's position on the bailout.

Varoufakis said several times ahead of the vote that he would resign if Greeks voted "Yes" at the referendum.

He warned that the result of the referendum, in which 60 percent of Greeks voted to reject the austerity measures tied to the bailout proposal, would bring hardship "like all struggles for democratic rights."

More to follow.

tj/jil (Reuters, AFP)