1. ITV Report

'I shall wear the creditors’ loathing with pride': Greek Finance Minister Yanis Varoufakis' resignation in full

Greek Finance Minister Yanis Varoufakis resigns Credit: Reuters

Greek Finance Minister Yanis Varoufakis announced his resignation in a statement entitled 'Minister no more!' - a day after Greece backed his "No" campaign.

The leading figure in the negotiations with Greece's creditors said eurozone counterparts had made it clear they wanted him to go and Prime Minister Alexis Tsipras believed his exit would be "potentially helpful to him in reaching an agreement" in the coming days.

Ahead of the bailout referendum he branded European action towards the country "terrorism".

Varoufakis quickly changed his Twitter bio after announcing his resignation Credit: Twitter

Here is his statement in full:

Minister No More!

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

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.

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.

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.

– Yanis Varoufakis

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