Monday, July 6, 2015

Greek Finance Minister Yanis Varoufakis has resigned, despite the no vote in the referendum. In a blog post on his website, Varoufakis said that his decision was prompted in part by "some European participants" expressing a desire for his role to end in any further negotiations.

The post says among others: "The referendum of July 5th will stay in history as a unique moment when a small European nation rose up against debt-bondage…this historic rejection of the Eurogroup’s 25th June ultimatum comes with a large price tag attached. It is, therefore, essential that the great capital bestowed upon our government by the splendid NO vote be invested immediately into a YES to a proper resolution – to an agreement that involves debt restructuring, less austerity, redistribution in favour of the needy, and real reforms."

He concludes "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' successor is due to be named after a meeting of political leaders that got under way at 10 a.m. in Athens.