Greek Finance Minister Yanis Varoufakis resigns

The finance minister of Greece, Yanis Varoufakis, announced on his website that he has resigned from his post, one day after 61 percent of voters backed his "no" campaign, rejecting the bailout terms set by creditors.

"Like all struggles for democratic rights, so too this historic rejection of the Eurogroup’s 25th June ultimatum comes with a large price tag attached," he wrote in a blog entry posted early Monday. "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."

Varoufakis said that the reason why he was leaving his position was due to 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." He added, "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. And I shall wear the creditors' loathing with pride."

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