World

Greece debt crisis: Finance Minister Varoufakis resigns

Europe, July 6: Greece's finance minister Yanis Varoufakis has resigned, hours after voters backed his call to reject creditors' demands for more austerity in a referendum.

He said it was felt his departure would be helpful in finding a solution to the country's debt crisis.

Eurozone finance ministers, with whom he repeatedly clashed, had wanted him removed, Mr Varoufakis explained.

Meanwhile, global financial markets have fallen over fears that Greece is heading for an exit from the euro.

The European Central Bank (ECB) is to discuss whether to raise its emergency cash support for Greek banks, which are running out of funds and close to collapse.

Economy Minister, Georgios Stathakis said, the ECB had to keep Greek banks alive for seven to 10 days so that negotiations could take place.

But even if the ECB continued to freeze the Emergency Liquidity Assistance (ELA) at 89bn (63bn; $98bn), the current cash withdrawal and transfer restrictions on banks could stay in place until Friday, without any of them collapsing, he said.

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