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Varoufakis to resign as Greek Finance Minister

Varoufakis to resign as Greek Finance Minister

Yanis Varoufakis, Athens, bailout, debt obligation, EU deal, Eurozone, Greece, IMF

6 July, – Before the referendum, Finance minister Yanis Varoufakis made it clear that if the “yes” votes triumphed, he would resign his job. In what has been dubbed a “great victory” for Athens by the Prime minster, the “no” votes prevailed, rejecting further austerity measures in exchange for aid from the European creditors.

Even after this result, the finance minister has decided to resign his position, saying that his presence would work against his country in further negotiations with the European heads. This was stated on his personal blog.

“Soon after the announcement of the referendum results, I was made aware of a certain preference by some European 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,” he wrote on his personal blog. “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.”

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Results show sixty-one percent of voters backed Prime Minister Alexis Tsipras’ idea of saying no to further spending cuts and tax increases which has taken the country to the brink of financial collapse.

After the results of the votes were announced, as markets open in Asia, the Euro slumped with about 130 pips gap down to a four-week low. German bonds jumped as investors sought the euro-region’s safest fixed-income assets. The decision of Varoufakis to resign may in fact make it easier for Athens to negotiate further as he is known to have fallen out with some of his European counterparts.

Disclaimer: The views and opinions expressed in this article are solely those of the author and do not reflect the official policy or position of AtoZ, nor should they be attributed to AtoZMarkets.

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