Greek Finance Minister Varoufakis resigns

Istanbul, July 6 () - Greece's Finance Minister Yanis Varoufakis said he resigned, on Monday, after the government having secured a victory for the "No" vote in the country's referandum on the bailout package.

Greeks rejected the terms of a bailout package offered by the Troika, consisting European Commission, European Central Bank and the Intarnational Monetary Fund, according to the official figures showing 61 percent of Greeks said "oxi" (no) in the referandum voting on Sunday.

"Minister No More!" Varoufakis said on his blog after announcing the news on Twitter. "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."

The referendum of 5th July would stay in history as a unique moment when a small European nation rose up against debt-bondage, he said. "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."

"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 added.

"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" he said and wen on as follows:

"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. We of the Left know how to act collectively with no care for the privileges of office. I shall support fully Prime Minister Tsipras, the new Minister of Finance, and our government. The superhuman effort to honour the brave people of Greece, and the famous OXI (NO) that they granted to democrats the world over, is just beginning."

For millions of Greeks, the outcome was "a strong" message to creditors that Greece can longer accept repeated rounds of austerity that, in five years, had left one in four without a job. Prime Minister Alexis Tsipras has denounced the price paid for aid as "blackmail" and a national "humiliation."

Greece Prime Minister Alexis Tsipras described the result as a “great victory”, at his message on Twitter, stating that Athens would return to the negotiating table on Monday with a strengthened hand.

"Today's referendum doesn't have winners or losers. It is a great victory, in and of itself. The mandate you've given me does not call for a break with Europe, but rather gives me greater negotiating strength" he said.


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