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| Greek debt crisis: Yanis Varoufakis resigns after being forced out by EU chiefs | Greek debt crisis: Yanis Varoufakis resigns after being forced out by EU chiefs |
| (about 1 hour later) | |
| Yanis Varoufakis has announced he is standing down despite Greece's No vote in the referendum on proposed austerity measures. | Yanis Varoufakis has announced he is standing down despite Greece's No vote in the referendum on proposed austerity measures. |
| In a blog post entitled “Minister No More”, published on Monday morning, the Greek finance minister said he was standing down because of pressure from Greece’s European partners. | In a blog post entitled “Minister No More”, published on Monday morning, the Greek finance minister said he was standing down because of pressure from Greece’s European partners. |
| Minister No More! http://t.co/Oa6MlhTPjG | Minister No More! http://t.co/Oa6MlhTPjG |
| He said: “Soon after the announcement of the referendum results, I was made aware of a certain preference by some Eurogroup participants, and assorted ‘partners’, for my… ‘absence’ from its meetings; an idea that 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.” | He said: “Soon after the announcement of the referendum results, I was made aware of a certain preference by some Eurogroup participants, and assorted ‘partners’, for my… ‘absence’ from its meetings; an idea that 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.” |
| He said Sunday’s referendum, where the Greek public voted overwhelming to reject a bailout deal proposed by the country’s creditors, would “stay in history as a unique moment when a small European nation rose up against debt-bondage.” | He said Sunday’s referendum, where the Greek public voted overwhelming to reject a bailout deal proposed by the country’s creditors, would “stay in history as a unique moment when a small European nation rose up against debt-bondage.” |
| He added that he would wear the creditors' “loathing with pride”. | He added that he would wear the creditors' “loathing with pride”. |
| Greek No campaigners celebrate victory in Athens. 61.3 per cent of voters rejected the plan | |
| Varoufakis previously threatened to resign if voters opted to except the bailout conditions saying he would rather "cut off his own arm" than sign a new deal if it did not include plans to restructure the country's debt in an interview with Bloomberg. | |
| The former academic, who once studied alongside House of Commons Speaker John Bercow at the University of Essex, said in a blog post weeks before Syriza stormed to victory in January that his greatest fear was that he "may turn into a politician". | |
| He said: "As an antidote to that virus I intend to write my resignation letter and keep it in my inside pocket, ready to submit it the moment I sense signs of losing the commitment to speak truth to power." | |
| Last week he said the troika's, the International Monetary Fund, the European Commission and the European Central Bank, bailout plans were "clearly univable" after talks broke down. | |
| He told Irish radio station RTE that the government had "bent over backwards to accommodate some rather strange demands by the institutions” and that it was their turn to compromise. | |
| Angela Merkel will meet EU leaders in Paris on Monday to decide Greece's fate | |
| In a leaked letter seen by the Financial Times on Wednesday, Greek Prime Minister Alexis Tspiras said that the country will accept all the bailout conditions with only a few minor changes. | |
| Last night, the final tally in the referendum was 61.3 per cent No and 38.7 per cent Yes. | |
| EU leaders, including Angela Merkel and François Hollande, will meet on Monday to decide what to do. They face accepting Greece's demands for a bailout with fewer conditions or cutting it off. | |
| The country's banks had a lending reserve of no more than €500m (£356m) on Sunday and are expected to run out of euros by mid-week despite capital controls without emergency funding from the ECB. |