Greek finance minister resigns after vote

Greece’s finance minister resigned Monday after the country’s vote against the terms of a European bailout offer, a referendum that could lead to Greece leaving the Eurozone.

{mosads}Yanis Varoufakis first announced his resignation in a blog post, which the Greek government also confirmed. The ally of Prime Minister Alexis Tsipras, who had called for citizens to reject the bailout’s austerity terms, said that it’s his “duty to help Alexis Tsipras exploit, as he sees fit, the capital that the Greek people granted us through yesterday’s referendum.”

“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 wrote in the blog.

Some Eurozone officials allegedly told Varoufakis that Greece might find it easier to strike a deal without him on board.

The move comes after the Greek people’s “No” vote on the bailout from creditors on Sunday, which could lead to a default and the country’s exit from the EU.

A default could shake the stability of the global economy, and international stocks are already dropping over the news.

Japan’s Nikkei index closed down 2.2 percent, Germany’s DAX fell 1.4 percent and France’s CAC index dropped 1.6 percent at the start of Monday, according to CNN.