Yanis Varoufakis resigns, burns the country's creditors on his way out

Yanis Varoufakis has resigned as Greek finance minister in the wake of the country's referendum.

The economist and staunch supporter of an anti-austerity policy explained that his decision was made after he was told that other eurozone finance ministers and the country's creditors would prefer he did not attend further negotiations.

But in typical fashion, Varoufakis, of the left-wing Syriza party, parted with a broadside on his critics and the country's creditors.

I shall wear the creditors' loathing with pride.

"The referendum of 5 July will stay in history as a unique moment when a small European nation rose up against debt-bondage," Varoufakis announced in a statement. "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," he continued. "I shall support fully Prime Minister Tsipras, the new Minister of Finance, and our government."

There has been no immediate announcement of his replacement, although negotiations between Greece and its creditors are expected to begin again within 48 hours.

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