Greece's Finance Minister Yanis Varoufakis has unexpectedly resigned, hours after Greek voters taking part in a referendum overwhelmingly rejected the terms of an international bailout proposal.
Yanis Varoufakis at a press conference during a Eurogroup meeting in Brussels in June 2015. Photo: AFP
Figures published by Greece showed 61.3 percent voted 'no' to the proposed bailout conditions, against 38.7 percent 'yes'. The turnout in Sunday's referendum was 62.5 percent.
The deal would have imposed more austerity conditions on Greece's already ravaged economy.
The Greek government had encouraged the country to vote 'no' - a move which some analysts had warned would essentially mean an exit from the eurozone.
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Before the referendum, Mr Varoufakis had said he would resign if the vote was 'yes'.
He said now that he had been made aware some members considered him unwelcome at meetings of the Eurogroup, which is made up of the eurozone's finance ministers.
He said that Greek Prime Minister Alexis Tsipras believed the chances of reaching agreement on the country's debt would be enhanced if he stepped aside, adding that he would "wear the creditors' loathing with pride".
Mr Varoufakis has called for a deal that involves debt restructuring, less austerity and redistribution in favour of the needy.
At the same time, he has warned Greeks that the referendum result comes - in his words - with a large price tag attached.
German Chancellor Angela Merkel is expected to meet France's President Francois Hollande tonight to discuss Greece's debt crisis.
A summit of eurozone leaders is expected tomorrow.
- BBC / Agencies
Greek Prime Minister Alexis Tsipras votes in Sunday's referendum. Photo: AFP
Euphoria among the 'no' vote camp in Syntagma Square, Athens. Photo: AFP