Greek Finance Minister Yanis Varoufakis resigns despite ‘No’ vote

Greek Finance Minister Yanis Varoufakis announced his resignation a day after Greeks delivered a resounding 'No' to the conditions of a rescue package.

By: Reuters | Athens | Updated: July 6, 2015 2:04 pm
Greece, Greece referendum vote, Yanis Varoufakis, Yanis Varoufakis resigns, Alexis Tsipras, greece finance minister resigns, greece finance minister, greece austerity greece referendum vote result, eurozone, eurozone meet, Greece PM, eurozone greece, greece economy, gereece economic crisis, greece news, europe news, economic news, world news, indian express Greece’s Finance Minister Yanis Varoufakis casts his vote at a polling station in Athens, Sunday, July 5, 2015. (AP Photo)

Greek Finance Minister Yanis Varoufakis, whose forceful denunciations of creditors alienated many of his euro zone colleagues, resigned on Monday, saying Prime Minister Alexis Tsipras believed it would help smooth the path to a new aid deal.

His resignation comes after Greeks delivered a resounding ‘No’ to the conditions of a rescue package with international creditors, casting the country into uncharted waters and a possible exit from Europe’s common currency.

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With relations already frosty, Varoufakis infuriated Greece’s European partners last week when he accused creditors of using “terrorism” against the Greek people to intimidate them into accepting more austerity.

In a statement, Varoufakis said he had been “made aware” that some members of the euro zone considered him unwelcome at meetings of finance ministers, “an idea the prime minister judged to be potentially helpful to him in reaching an agreement”.

“For this reason I am leaving the ministry of finance today.”

“I consider it my duty to help Alexis Tsipras exploit, as he sees fit, the capital that the Greek people granted us through yesterday’s referendum,” Varoufakis said. “And I shall wear the creditors’ loathing with pride.”

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  1. Francis Anthony
    Jul 6, 2015 at 11:32 am
    Whichever way it goes, future looks quite bleak for Greece. Unless Greece makes sincere efforts to learn from its mistakes and learn how to manage its economy more efficiently, things will never get better. It would not be a bad idea in getting professional help on how to manage economy better! People should also chip in by adopting a frugal way of living until things get better! I know, it is easier said than done, but the reality is, their backs are to the wall right now!
    1. S
      Jul 7, 2015 at 1:15 am
      Greece will not be worse off if they need to get out of Eurozone. I guess Eurozone can only work for elite economies, Greece no doubt has hard plans to make, but can manage by itself better than what happened earlier in the Eurozone.