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Financial Crunch: Greek Finance Minister Resigns

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The minister of finance in Greece, Yanis Varoufakis has resigned his appointment after citizen stated that they are opposed to accepting more austerity measures in return for new bailout cash from foreign creditors.

Yanis Varoufakis said that his resignation would help prime minister Alexis Tsipras negotiate a better deal with foreign creditors.

In a statement, Mr Yanis said “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,”

More than 61 percent of Greek voters on Sunday July 5th 2015 said “NO” to a bailout plan proposed by foreign creditors, in support of their government’s opposition to the bailout. Although the Greek government welcomed the resolve. they lamented to in the European Union, even as foreign officials said they respected the choice of the Greek people.

German Economy Minister Sigmar Gabriel said that the vote had “torn down the last bridges on which Greece and Europe could have moved towards a compromise.” Germany risks losing some 14 billion euros in revenue from Greek sovereign bonds held by Germany’s central bank.

Italy’s foreign minister, Paolo Gentiloni, urged the EU to keep looking for middle ground with Greece, despite the referendum.

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