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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
(6 months 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
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. 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".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."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.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.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. 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.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.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.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.