Greek Finance Minister Yanis Varoufakis has resigned after Greek voters delivered an overwhelming "No" vote in a referendum on whether to accept more austerity measures in return for new bailout cash.
In a statement published on his personal blog on Monday, Varoufakis said he was stepping down to allow Greek Prime Minister Alexis Tsipras to reach a new deal with European creditors.
"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," Varoufakis wrote on his blog.