Update - Greek Finance Minister Varoufakis Resigns

Greek Finance Minister Yanis Varoufakis announced his resignation on Monday with a note on his website and a tweet:  "Minister No More!"



In an online statement, Varoufakis 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."



The unexpected resignation sent shockwaves through Athens and beyond and came hours after Greece voted "No" in the bailout referendum.



"The referendum of 5th July will stay in history as a unique moment when a small European nation rose up against debt-bondage," Varoufakis's online statement began.



"Like all struggles for democratic rights, so too this historic rejection of the Eurogroup's 25th June ultimatum comes with a large price tag attached. It is, therefore, essential that the great capital bestowed upon our government by the splendid NO vote be invested immediately into a YES to a proper resolution - to an agreement that involves debt restructuring, less austerity, redistribution in favour of the needy, and real reforms."



Varoufakis said he would continue to support Prime Minister Alexis Tsipras.



"I consider it my duty to help Alexis Tsipras exploit, as he sees fit, the capital that the Greek people granted us through yesterday's referendum," he said. "And I shall wear the creditors' loathing with pride."



He added: "We of the Left know how to act collectively with no care for the privileges of office. I shall support fully Prime Minister Tsipras, the new Minister of Finance, and our government. The superhuman effort to honour the brave people of Greece, and the famous OXI (NO) that they granted to democrats the world over, is just beginning."



An economist by profession, Varoufakis had served as finance minister since the Syriza coalition's Jan. 25 election victory.



The motorbike enthusiast has raised eyebrows with his casual attire and his inability to find common ground with Greece's creditors over the past five months.



The self-proclaimed "libertarian Marxist" was a newcomer to politics when he took office, having previously taught economics at universities in Texas and Athens.



Greek-Australian Varoufakis served as economic adviser to George Papandreou, the former prime minister, but turned against him over his acceptance of the bailout deal. - Ankara