Greek finance minister quits after 'No' vote in referendum

Greek Finance Minister Yanis Varoufakis announced his resignation on Monday after the country voted "No" to a bailout offer in a landmark referendum.

In a posting on his website, Varoufakis said the decision was made in view of "a certain 'preference' by some Eurogroup participants, and assorted 'partners', for my...'absence' from its meetings".

"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 (Alexis Tsipras) judged to be potentially helpful to him in reaching an agreement," he stated.

"For this reason, I am leaving the ministry of finance today."

Varoufakis said the Greek citizens' "historic rejection" of the Eurogroup's June 25 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 stated.

"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," he added.