The outspoken Greek Minister of Finances Yanis Varoufakis announced his resignation on Monday, via his official blog. In his message, Mr. Varoufakis explains that he stepping down in order to help the Prime Minister take the best advantage of Sunday’s referendum.

Mr. Varoufakis also notes that certain Eurogroup partners and participants had expressed their ‘preference’ for the outgoing Minister to be absent from the Eurogroup meetings. His full message follows:

The referendum of 5thJuly 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.

Government spokesman comments on resignation

The government spokesman Gabriel Sakellaridis commented that as Minister of Finances Yanis Varoufakis “played a major role in the negotiations” from the start.

He added that the Prime Minister feels the need to thank him for his «endless efforts in promoting government positions and the Greek people’s interests, under very difficult circumstances«.

Mr. Varoufakis successor will be announced after the council meeting of political leaders.