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New Greek Finance Minister set to be announced

Euclid Tsakalotos has been tipped as a potential replacement for Yanis Varoufakis as Greek Finance Minister Credit: Reuters

A replacement for Greek Finance Minister Yanis Varoufakis is expected to be named this morning after a meeting of political leaders, a government spokesman said.

Some of the possible contenders cited in Greek media to replace Varoufakis include Euclid Tsakalotos, the coordinator of negotiations with Greece's lenders, and Economy Minister George Stathakis.


Greek Finance Minister Yanis Varoufakis resigns

Yanis Varoufakis Credit: Reuters

Greek Finance Minister Yanis Varoufakis has announced his resignation, a day after Greeks delivered a resounding 'No' to the conditions of a rescue package.

In a statement, Varoufakis said he had been "made aware" that some members of the euro zone considered him unwelcome at meetings of finance ministers, "an idea 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.

Downing St: PM to review contingency plans over Greece

David Cameron is to chair a meeting this morning in which he will review contingency plans already in place over Greece's decision to reject terms of an international bailout plan.

Supporters of the Syriza party and No vote campaign react after first results of the referendum. Credit: PA

A Number 10 spokesman said: "The Greek people expressed a decisive view in yesterday's referendum. This is a critical moment in the economic crisis in Greece. We will continue to do whatever is necessary to protect our economic security at this uncertain time.

"We have already got contingency plans in place and later this morning the Prime Minister will chair a further meeting to review those plans in light of yesterday's result."

The Government has also issued travel advice for British tourists, warning banking services, such as credit card purchase and cash withdrawals, could become limited at short notice.

Rain in the south west but sunny spells for the rest to 24C

Expect rain across the far southwest with potentially heavy downpours over higher ground, which will move northeastwards through the day.

Rain in the south west but sunny spells for the rest to 24C. Credit: Met Ofiice

But for much of Scotland and the south and east of England, it will remain dry with bright or sunny spells.

With light winds in the east, it will remain pleasantly warm in the sunshine with a top temperature of 24C.


CBI: Runway delay would have 'very real economic cost'

Katja Hall, the CBI's deputy director general. Credit: CBI

The CBI is to tell a conference in London that delaying a decision to build a new runway and increase capacity would have a "very real economic cost for our country".

When it comes to airport capacity, time is money. We're not just missing out on global opportunities, but paying an economic price right here in the UK.

Our failure to increase flights to BRIC countries alone will cost the UK as much as £31 billion in lost trade in the period it takes to build a new runway.

That's just from a lack of flights to the BRIC countries - just the tip of the iceberg.

We need to get the legal process under way before the end of the year, and Parliament needs to get behind it. If it does that, we could see spades in the ground by 2020, with a new runway online between 2025 and 2030, and the whole country reaping the benefits by 2040.

– Katja Hall, the CBI's deputy director general
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