Varoufakis resigns after Greek referendum

Greece’s outspoken finance minister has resigned. Yanis Varoufakis announced he will step down just one day after Greeks voted “no” to austerity bailout measures.

A brief message on Varoufakis’s Twitter account was followed up with a statement explaining that he had been made aware that some eurozone members considered him unwelcome at meetings of finance ministers. He added, “I shall wear the creditors’ loathing with pride.”

Minister No More! http://t.co/Oa6MlhTPjG

— Yanis Varoufakis (@yanisvaroufakis) July 6, 2015

The frontrunner to replace Varoufakis is Euclid Tsakalotos, who has been coordinating negotiations with international lenders.

Varoufakis’s successor was expected to be confirmed after a meeting of Greek political leaders.

As the Greek president sat down with party leaders, analysts with several major banks said a Greek exit from the eurozone was now the most likely scenario.