Varoufakis announces resignation as finance minister

Yanis Varoufakis announced on his personal blog on Monday morning that he is resigning from his position.

“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,” wrote the economist, who has become a controversial figure during his brief tenure.

“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,” added Varoufakis.

The outgoing minister described the decision of 62.5 percent of Greeks to vote “no” in Sunday’s referendum as “historic” and a “superhuman effort” but he added that it is now necessary for Athens to reach a deal with 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.

“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.”