Greek finance minister Yanis Varoufakis resigns

If Greece had voted ‘Yes’ to the austerity package proposed by its creditors, then there would have been a round of resignations at the top of Syriza. But this morning, even though the party is celebrating a ‘No’ vote, its finance minister Yanis Varoufakis has resigned.

Writing on his blog, he explains that in order for the country to get a good deal that it can accept, he needs to let someone else take over:

‘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.’

Eurozone leaders and finance ministers have hardly made their dislike for the flamboyant Varoufakis a secret, although he had already taken a less prominent role in negotiations at times.